Towne Bank (NASDAQ:TOWN) Announces Quarterly Earnings Results

Key Points

• Towne Bank reported a quarterly EPS of $0.83, exceeding the consensus estimate of $0.82 by $0.01.
• The bank announced a quarterly dividend of $0.27 per share, representing an annualized dividend yield of 3.2%.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Towne Bank, with a price target averaging $41.00.

Towne Bank (NASDAQ:TOWN - Get Free Report) announced its quarterly earnings data on Wednesday. The bank reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.08, Zacks reports. Towne Bank had a return on equity of 8.99% and a net margin of 16.49%.The firm had revenue of $215.67 million for the quarter, compared to analysts' expectations of $222.28 million. During the same quarter in the prior year, the firm posted $0.58 earnings per share.

Towne Bank Stock Performance

TOWN opened at $33.62 on Thursday. The firm has a market cap of $2.52 billion, a PE ratio of 14.62 and a beta of 0.84. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.01. The business has a fifty day simple moving average of $35.31 and a 200-day simple moving average of $34.51. Towne Bank has a fifty-two week low of $29.43 and a fifty-two week high of $38.28.

Towne Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Monday, September 29th were paid a dividend of $0.27 per share. The ex-dividend date of this dividend was Monday, September 29th. This represents a $1.08 annualized dividend and a dividend yield of 3.2%. Towne Bank's dividend payout ratio (DPR) is currently 46.96%.

Institutional Investors Weigh In On Towne Bank

Large investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Towne Bank by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,837 shares of the bank's stock worth $1,430,000 after acquiring an additional 1,837 shares in the last quarter. Rafferty Asset Management LLC boosted its stake in shares of Towne Bank by 17.4% during the 2nd quarter. Rafferty Asset Management LLC now owns 39,151 shares of the bank's stock worth $1,338,000 after acquiring an additional 5,796 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Towne Bank by 32.3% during the 1st quarter. AQR Capital Management LLC now owns 34,996 shares of the bank's stock worth $1,197,000 after acquiring an additional 8,538 shares in the last quarter. Engineers Gate Manager LP boosted its stake in shares of Towne Bank by 243.8% during the 2nd quarter. Engineers Gate Manager LP now owns 32,031 shares of the bank's stock worth $1,095,000 after acquiring an additional 22,715 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Towne Bank during the 2nd quarter worth $572,000. 55.99% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on TOWN. Hovde Group upped their price objective on Towne Bank from $39.00 to $41.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Weiss Ratings restated a "buy (b-)" rating on shares of Towne Bank in a research note on Wednesday, October 8th. Finally, Wall Street Zen cut Towne Bank from a "hold" rating to a "sell" rating in a research note on Saturday, October 18th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Towne Bank currently has an average rating of "Moderate Buy" and a consensus price target of $41.00.

About Towne Bank

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.