TowneBank (NASDAQ:TOWN) Issues Quarterly Earnings Results

TowneBank (NASDAQ:TOWN) posted its quarterly earnings data on Wednesday. The bank reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.02, Briefing.com reports. TowneBank had a net margin of 15.33% and a return on equity of 7.56%. During the same quarter in the prior year, the business earned $0.60 EPS.

TowneBank Stock Performance

Shares of NASDAQ:TOWN traded down $1.07 during midday trading on Thursday, hitting $32.90. The company’s stock had a trading volume of 368,235 shares, compared to its average volume of 251,070. The business’s 50 day simple moving average is $33.64 and its 200 day simple moving average is $30.12. The company has a market cap of $2.47 billion, a P/E ratio of 16.29 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 firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.04%. The ex-dividend date was Monday, September 30th. TowneBank’s dividend payout ratio is currently 49.51%.

Analyst Upgrades and Downgrades

TOWN has been the topic of several recent analyst reports. Keefe, Bruyette & Woods raised shares of TowneBank from a “market perform” rating to an “outperform” rating and increased their price objective 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 note on Monday, July 29th.

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.