TowneBank (NASDAQ:TOWN) Releases Earnings Results, Beats Estimates By $0.02 EPS

TowneBank (NASDAQ:TOWN) announced its quarterly earnings data on Wednesday. The bank reported $0.58 EPS for the quarter, beating the consensus estimate 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 EPS.

TowneBank Trading Down 3.1 %

Shares of NASDAQ:TOWN traded down $1.07 during trading on Thursday, reaching $32.90. 368,235 shares of the company traded hands, compared to its average volume of 251,070. TowneBank has a 52-week low of $21.66 and a 52-week high of $35.74. The business’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 price-to-earnings ratio of 16.29 and a beta of 0.89.

TowneBank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were given a $0.25 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 3.04%. TowneBank’s payout ratio is currently 49.51%.

Analyst Ratings Changes

A number of brokerages have commented on TOWN. StockNews.com upgraded shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods raised shares of TowneBank from a “market perform” rating to an “outperform” rating and increased their target price 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.