Equities analysts expect that TowneBank (NASDAQ:TOWN) will post sales of $158.52 million for the current quarter, Zacks reports. Two analysts have provided estimates for TowneBank's earnings, with estimates ranging from $155.66 million to $161.38 million. TowneBank posted sales of $145.88 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 8.7%. The business is expected to issue its next earnings results on Thursday, October 22nd.
On average, analysts expect that TowneBank will report full year sales of $607.77 million for the current financial year, with estimates ranging from $595.91 million to $619.63 million. For the next financial year, analysts forecast that the company will report sales of $574.16 million, with estimates ranging from $548.40 million to $599.92 million. Zacks Investment Research's sales averages are a mean average based on a survey of sell-side analysts that follow TowneBank.
TowneBank (NASDAQ:TOWN) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks' consensus estimate of $0.25 by $0.23. The firm had revenue of $162.66 million for the quarter, compared to the consensus estimate of $141.07 million. TowneBank had a return on equity of 8.11% and a net margin of 19.47%.
Several analysts have issued reports on TOWN shares. Zacks Investment Research downgraded shares of TowneBank from a "strong-buy" rating to a "hold" rating in a report on Friday, October 2nd. Piper Sandler assumed coverage on shares of TowneBank in a research report on Monday, August 3rd. They issued a "neutral" rating for the company. Finally, BidaskClub raised shares of TowneBank from a "strong sell" rating to a "sell" rating in a research report on Wednesday, October 7th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company's stock. The company presently has an average rating of "Hold" and an average target price of $30.00.
Institutional investors have recently bought and sold shares of the company. Denali Advisors LLC lifted its stake in TowneBank by 23.6% during the third quarter. Denali Advisors LLC now owns 161,249 shares of the bank's stock worth $2,644,000 after purchasing an additional 30,800 shares during the last quarter. Bowling Portfolio Management LLC acquired a new stake in TowneBank in the 3rd quarter valued at about $269,000. Envestnet Asset Management Inc. lifted its holdings in TowneBank by 6.5% in the 3rd quarter. Envestnet Asset Management Inc. now owns 43,311 shares of the bank's stock valued at $710,000 after acquiring an additional 2,641 shares during the last quarter. Two Sigma Advisers LP lifted its stake in TowneBank by 60.3% during the second quarter. Two Sigma Advisers LP now owns 23,400 shares of the bank's stock valued at $441,000 after buying an additional 8,800 shares in the last quarter. Finally, Handelsbanken Fonder AB purchased a new stake in TowneBank during the second quarter valued at about $313,000. Institutional investors own 47.64% of the company's stock.
TOWN stock opened at $18.05 on Monday. The company has a market cap of $1.31 billion, a P/E ratio of 9.76 and a beta of 1.15. TowneBank has a 52 week low of $15.03 and a 52 week high of $29.02. The company's 50-day moving average price is $17.34 and its 200 day moving average price is $18.14. The company has a current ratio of 1.03, a quick ratio of 0.99 and a debt-to-equity ratio of 0.58.
The business also recently announced a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th were given a dividend of $0.18 per share. The ex-dividend date was Tuesday, September 29th. This represents a $0.72 annualized dividend and a dividend yield of 3.99%. TowneBank's payout ratio is currently 37.31%.
TowneBank provides retail and commercial banking services for individuals, professionals, and commercial enterprises. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.
Further Reading: Death Cross
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