TowneBank (NASDAQ:TOWN) Issues Earnings Results

TowneBank (NASDAQ:TOWN) announced its quarterly earnings results on Wednesday. The bank reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02, Briefing.com reports. TowneBank had a return on equity of 7.56% and a net margin of 15.33%. During the same quarter last year, the firm posted $0.60 earnings per share.

TowneBank Stock Down 3.1 %

Shares of TowneBank stock opened at $32.90 on Friday. The stock’s fifty day moving average is $33.64 and its 200-day moving average is $30.12. The firm has a market capitalization of $2.47 billion, a PE ratio of 16.37 and a beta of 0.89. TowneBank has a 12-month low of $21.66 and a 12-month high of $35.74.

TowneBank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were given 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 (DPR) is presently 49.75%.

Wall Street Analysts Forecast Growth

TOWN has been the subject of a number of analyst reports. StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods upgraded TowneBank from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $35.00 to $40.00 in a report on Wednesday, October 2nd.

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.