TowneBank (NASDAQ:TOWN) Posts Earnings Results, Beats Expectations By $0.07 EPS

TowneBank (NASDAQ:TOWN) issued its quarterly earnings results on Wednesday. The bank reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.07, Zacks reports. TowneBank had a return on equity of 7.32% and a net margin of 14.89%.

TowneBank Stock Performance

NASDAQ TOWN opened at $34.33 on Thursday. TowneBank has a fifty-two week low of $25.70 and a fifty-two week high of $38.28. The stock’s fifty day moving average is $35.09 and its two-hundred day moving average is $33.69. The firm has a market capitalization of $2.57 billion, a P/E ratio of 17.25 and a beta of 0.93.

TowneBank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date of this dividend was Tuesday, December 31st. TowneBank’s dividend payout ratio (DPR) is currently 50.25%.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods raised TowneBank from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $35.00 to $40.00 in a research note on Wednesday, October 2nd.

TowneBank Company Profile

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.