TowneBank (NASDAQ:TOWN) Issues Earnings Results, Beats Estimates By $0.02 EPS

TowneBank (NASDAQ:TOWN) issued its quarterly earnings data on Wednesday. The bank reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02, Briefing.com reports. The firm had revenue of $258.86 million during the quarter, compared to the consensus estimate of $179.80 million. TowneBank had a return on equity of 7.56% and a net margin of 15.33%. During the same period in the prior year, the business earned $0.60 EPS.

TowneBank Trading Down 0.1 %

TOWN stock traded down $0.02 during trading on Friday, hitting $32.88. The company had a trading volume of 21,190 shares, compared to its average volume of 249,959. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of 16.37 and a beta of 0.89. The business has a 50 day moving average of $33.64 and a 200 day moving average of $30.12. TowneBank has a fifty-two week low of $22.10 and a fifty-two week high of $35.74.

TowneBank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date was Monday, September 30th. TowneBank’s dividend payout ratio is currently 49.75%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Keefe, Bruyette & Woods upgraded shares of TowneBank from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $35.00 to $40.00 in a research report on Wednesday, October 2nd. StockNews.com upgraded shares of TowneBank from a “sell” rating to a “hold” rating in a research note on Monday, July 29th.

About TowneBank

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.