TowneBank (NASDAQ:TOWN) Issues Quarterly Earnings Results, Hits Expectations

TowneBank (NASDAQ:TOWN) released its earnings results on Wednesday. The bank reported $0.48 EPS for the quarter, hitting the consensus estimate of $0.48, Briefing.com reports. TowneBank had a return on equity of 8.03% and a net margin of 16.33%. The business had revenue of $167.10 million during the quarter, compared to analysts’ expectations of $169.68 million. During the same quarter last year, the firm posted $0.62 earnings per share. The firm’s revenue was down 9.2% on a year-over-year basis.

TowneBank Stock Down 3.1 %

Shares of TOWN stock traded down $0.87 during trading hours on Thursday, reaching $26.88. The company had a trading volume of 94,283 shares, compared to its average volume of 242,071. TowneBank has a 12 month low of $21.22 and a 12 month high of $31.08. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.88 and a quick ratio of 0.87. The business has a fifty day simple moving average of $27.08 and a 200-day simple moving average of $27.07. The company has a market cap of $1.96 billion, a price-to-earnings ratio of 12.99 and a beta of 0.89.

TowneBank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were issued a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.72%. TowneBank’s dividend payout ratio is presently 48.31%.

Analysts Set New Price Targets

Several brokerages have issued reports on TOWN. StockNews.com lowered TowneBank from a “hold” rating to a “sell” rating in a report on Thursday, February 8th. Raymond James increased their price target on TowneBank from $28.00 to $32.00 and gave the stock an “outperform” rating in a report on Friday, January 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $29.00.

TowneBank Company Profile

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.