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

TowneBank (NASDAQ:TOWN) released its quarterly earnings results on Wednesday. The bank reported $0.58 earnings per share (EPS) 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 in the previous year, the company posted $0.60 EPS.

TowneBank Trading Down 3.1 %

TOWN stock traded down $1.07 during mid-day trading on Thursday, reaching $32.90. The company’s stock had a trading volume of 368,235 shares, compared to its average volume of 251,070. The company’s 50 day moving average is $33.64 and its two-hundred day moving average is $30.12. TowneBank has a fifty-two week low of $21.66 and a fifty-two week high of $35.74. The stock has a market cap of $2.47 billion, a PE ratio of 16.29 and a beta of 0.89.

TowneBank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were given a dividend of $0.25 per share. The ex-dividend date was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 3.04%. TowneBank’s payout ratio is presently 49.51%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods upgraded shares of TowneBank from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $35.00 to $40.00 in a research report on Wednesday, October 2nd. StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a research report 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.