TowneBank (NASDAQ:TOWN) Releases Earnings Results

TowneBank (NASDAQ:TOWN) issued its earnings results on Wednesday. The bank reported $0.48 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.48, Briefing.com reports. The company had revenue of $167.10 million for the quarter, compared to analysts’ expectations of $169.68 million. TowneBank had a net margin of 16.33% and a return on equity of 8.03%. The firm’s revenue was down 9.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.62 earnings per share.

TowneBank Stock Performance

Shares of TOWN stock traded down $0.81 during trading hours on Thursday, reaching $26.94. The stock had a trading volume of 74,442 shares, compared to its average volume of 241,821. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.88 and a quick ratio of 0.87. TowneBank has a twelve month low of $21.22 and a twelve month high of $31.08. The firm has a 50-day simple moving average of $27.07 and a 200-day simple moving average of $27.07. The firm has a market capitalization of $1.96 billion, a PE ratio of 12.97 and a beta of 0.89.

TowneBank Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. StockNews.com cut shares of TowneBank from a “hold” rating to a “sell” rating in a report on Thursday, February 8th. Raymond James increased their price objective on shares of TowneBank from $28.00 to $32.00 and gave the stock an “outperform” rating in a report on Friday, January 5th. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, TowneBank presently has an average rating of “Hold” and an average price target 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.