TowneBank (NASDAQ:TOWN) Posts Quarterly Earnings Results

TowneBank (NASDAQ:TOWN) issued its earnings results on Wednesday. The bank reported $0.57 EPS for the quarter, topping the consensus estimate of $0.48 by $0.09, Briefing.com reports. The company had revenue of $174.97 million for the quarter, compared to analyst estimates of $172.20 million. TowneBank had a net margin of 15.50% and a return on equity of 7.45%. The business’s revenue was down 3.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.52 EPS.

TowneBank Trading Up 4.7 %

Shares of NASDAQ:TOWN traded up $1.49 during midday trading on Thursday, hitting $33.52. 347,811 shares of the stock were exchanged, compared to its average volume of 257,816. The stock has a market cap of $2.51 billion, a P/E ratio of 15.94 and a beta of 0.90. TowneBank has a twelve month low of $21.63 and a twelve month high of $33.93. The company has a 50 day moving average price of $27.72 and a 200-day moving average price of $27.54.

TowneBank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.98%. The ex-dividend date was Friday, June 28th. TowneBank’s dividend payout ratio (DPR) is presently 49.75%.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of TowneBank from a “hold” rating to a “sell” rating in a research report on Thursday, July 4th.

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.