Towne Bank (NASDAQ:TOWN) Releases Earnings Results, Meets Expectations

Towne Bank (NASDAQ:TOWN - Get Free Report) issued its quarterly earnings data on Wednesday. The bank reported $0.74 earnings per share for the quarter, hitting analysts' consensus estimates of $0.74, Zacks reports. The business had revenue of $247.62 million during the quarter, compared to analysts' expectations of $274.02 million. Towne Bank had a net margin of 13.51% and a return on equity of 10.48%. Towne Bank's revenue for the quarter was up 34.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.68 earnings per share.

Towne Bank Price Performance

TOWN opened at $35.22 on Friday. The stock has a market cap of $2.78 billion, a P/E ratio of 17.79 and a beta of 0.72. Towne Bank has a 12 month low of $31.91 and a 12 month high of $37.86. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.02. The company has a fifty day simple moving average of $34.43 and a 200 day simple moving average of $34.31.

Towne Bank Announces Dividend

The company also recently announced a dividend, which will be paid on Wednesday, May 20th. Shareholders of record on Monday, May 4th will be issued a $0.70 dividend. The ex-dividend date is Monday, May 4th. Towne Bank's dividend payout ratio (DPR) is 49.09%.

Institutional Investors Weigh In On Towne Bank

Hedge funds and other institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its holdings in shares of Towne Bank by 931.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank's stock valued at $26,000 after buying an additional 680 shares during the last quarter. Quantbot Technologies LP acquired a new position in Towne Bank during the second quarter worth $30,000. Los Angeles Capital Management LLC acquired a new position in Towne Bank during the fourth quarter worth $42,000. Comerica Bank raised its position in Towne Bank by 199.8% during the third quarter. Comerica Bank now owns 1,676 shares of the bank's stock worth $58,000 after acquiring an additional 1,117 shares in the last quarter. Finally, Empowered Funds LLC bought a new stake in Towne Bank during the fourth quarter worth $93,000. 55.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

TOWN has been the topic of several recent research reports. Weiss Ratings reissued a "buy (b-)" rating on shares of Towne Bank in a report on Wednesday, January 21st. Zacks Research upgraded shares of Towne Bank from a "strong sell" rating to a "hold" rating in a research note on Friday, April 3rd. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $41.00.

Towne Bank Company Profile

TowneBank is a Virginia‐based financial services company organized as a bank holding company. Its primary subsidiary, TowneBank, operates a network of community banking offices and mortgage production facilities. The company offers a comprehensive range of commercial and consumer banking solutions, including deposit accounts, lending products, treasury management, and private banking services tailored to individuals, small businesses, and middle‐market corporations.

In addition to traditional banking, TowneBank provides specialty services through affiliated subsidiaries.