TowneBank (NASDAQ:TOWN) Issues Earnings Results

Posted by Adam Dyson on Oct 26th, 2024

TowneBank (NASDAQ:TOWN – Get Free Report) released its quarterly earnings results on Wednesday. The bank reported $0.58 EPS for the quarter, topping the consensus estimate of $0.56 by $0.02, Briefing.com reports. The business had revenue of $258.86 million during the quarter, compared to analyst estimates of $179.80 million. TowneBank had a return on equity of 7.56% and a net margin of 15.33%. During the same period last year, the business posted $0.60 earnings per share.

TowneBank Price Performance

Shares of NASDAQ TOWN opened at $32.53 on Friday. The company has a market cap of $2.44 billion, a price-to-earnings ratio of 16.18 and a beta of 0.89. The stock’s 50-day moving average is $33.64 and its two-hundred day moving average is $30.15. TowneBank has a 1-year low of $22.10 and a 1-year high of $35.74.

TowneBank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a $0.25 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 3.07%. TowneBank’s dividend payout ratio (DPR) is presently 49.75%.

Analyst Upgrades and Downgrades

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

Read Our Latest Stock Analysis on TOWN

TowneBank Company Profile

(Get Free Report)

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.