TowneBank (NASDAQ:TOWN - Get Free Report) released its quarterly earnings results on Wednesday. The bank reported $0.48 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.48, Briefing.com reports. TowneBank had a net margin of 16.33% and a return on equity of 8.03%. The business had revenue of $167.10 million for the quarter, compared to analyst estimates of $169.68 million. During the same period in the previous year, the company earned $0.62 earnings per share. The business's revenue for the quarter was down 9.2% on a year-over-year basis.
TowneBank Price Performance
Shares of TowneBank stock traded down $0.60 during trading hours on Thursday, reaching $27.15. The stock had a trading volume of 434,979 shares, compared to its average volume of 246,425. The stock's 50 day moving average is $27.08 and its 200 day moving average is $27.07. The firm has a market capitalization of $1.98 billion, a PE ratio of 13.12 and a beta of 0.89. TowneBank has a twelve month low of $21.22 and a twelve month high of $31.08. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.10.
TowneBank Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were given a $0.25 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.68%. TowneBank's dividend payout ratio (DPR) is currently 48.31%.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on TOWN shares. Raymond James lifted their price target on shares of TowneBank from $28.00 to $32.00 and gave the stock an "outperform" rating in a report on Friday, January 5th. StockNews.com lowered shares of TowneBank from a "hold" rating to a "sell" rating in a report on Thursday, February 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $29.00.
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About TowneBank
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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.
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