TowneBank (NASDAQ:TOWN) Releases Quarterly Earnings Results, Meets Estimates

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

TowneBank Stock Performance

TowneBank stock traded down $0.81 during trading hours on Thursday, reaching $26.94. 74,442 shares of the stock were exchanged, compared to its average volume of 241,821. The stock has a market cap of $1.96 billion, a P/E ratio of 12.97 and a beta of 0.89. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 0.88. TowneBank has a 52-week low of $21.22 and a 52-week high of $31.08. The firm’s 50 day moving average is $27.07 and its 200 day moving average is $27.07.

TowneBank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were given a dividend of $0.25 per share. The ex-dividend date was Wednesday, March 27th. This represents a $1.00 dividend on an annualized basis and a yield of 3.71%. TowneBank’s payout ratio is currently 48.31%.

Analysts Set New Price Targets

Several analysts recently commented on TOWN shares. StockNews.com downgraded shares of TowneBank from a “hold” rating to a “sell” rating in a research report on Thursday, February 8th. Raymond James upped their price target on shares of TowneBank from $28.00 to $32.00 and gave the company an “outperform” rating in a research report on Friday, January 5th. One analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, TowneBank has a consensus rating of “Hold” and a consensus target price of $29.00.

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.