Towne Bank (NASDAQ:TOWN) Issues Earnings Results, Beats Expectations By $0.12 EPS

Towne Bank (NASDAQ:TOWN - Get Free Report) announced its quarterly earnings data on Wednesday. The bank reported $0.81 EPS for the quarter, beating the consensus estimate of $0.69 by $0.12, Zacks reports. Towne Bank had a net margin of 16.49% and a return on equity of 9.05%. The company had revenue of $207.44 million for the quarter, compared to the consensus estimate of $202.18 million. During the same period in the prior year, the firm posted $0.57 EPS. Towne Bank's revenue for the quarter was up 18.6% on a year-over-year basis.

Towne Bank Trading Down 1.5%

Shares of TOWN stock traded down $0.55 on Friday, reaching $35.61. The company's stock had a trading volume of 259,007 shares, compared to its average volume of 255,981. The stock's fifty day simple moving average is $34.65 and its 200-day simple moving average is $34.40. Towne Bank has a 1 year low of $29.43 and a 1 year high of $38.28. The company has a market capitalization of $2.67 billion, a price-to-earnings ratio of 15.48 and a beta of 0.80.

Towne Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were issued a $0.27 dividend. The ex-dividend date was Friday, June 27th. This is a positive change from Towne Bank's previous quarterly dividend of $0.25. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.03%. Towne Bank's dividend payout ratio (DPR) is 46.96%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of TOWN. AQR Capital Management LLC boosted its stake in shares of Towne Bank by 32.3% during the first quarter. AQR Capital Management LLC now owns 34,996 shares of the bank's stock valued at $1,197,000 after purchasing an additional 8,538 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Towne Bank by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,837 shares of the bank's stock worth $1,430,000 after purchasing an additional 1,837 shares during the last quarter. Intech Investment Management LLC grew its holdings in shares of Towne Bank by 39.9% in the first quarter. Intech Investment Management LLC now owns 50,437 shares of the bank's stock worth $1,724,000 after purchasing an additional 14,386 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of Towne Bank by 1,220.9% in the first quarter. Jane Street Group LLC now owns 157,411 shares of the bank's stock worth $5,382,000 after purchasing an additional 145,494 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Towne Bank by 4.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 157,713 shares of the bank's stock worth $5,392,000 after purchasing an additional 7,115 shares during the last quarter. 55.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TOWN has been the topic of several recent research reports. Hovde Group increased their price objective on shares of Towne Bank from $39.00 to $41.00 and gave the stock an "outperform" rating in a research note on Thursday. Wall Street Zen upgraded shares of Towne Bank from a "sell" rating to a "hold" rating in a research note on Friday, May 30th.

Towne Bank Company Profile

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.