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

TowneBank (NASDAQ:TOWN) issued its earnings results on Wednesday. The bank reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates 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 period last year, the company earned $0.60 EPS.

TowneBank Stock Down 3.1 %

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

TowneBank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.04%. TowneBank’s dividend payout ratio (DPR) is presently 49.75%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on TOWN. StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods upgraded 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 research 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.