Brokerages Expect TowneBank (TOWN) Will Post Earnings of $0.53 Per Share

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Brokerages expect TowneBank (NASDAQ:TOWN) to post earnings per share of $0.53 for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for TowneBank’s earnings. The highest EPS estimate is $0.54 and the lowest is $0.52. TowneBank posted earnings per share of $0.44 during the same quarter last year, which indicates a positive year-over-year growth rate of 20.5%. The company is scheduled to report its next earnings report on Thursday, October 25th.

On average, analysts expect that TowneBank will report full-year earnings of $2.03 per share for the current financial year, with EPS estimates ranging from $2.01 to $2.05. For the next fiscal year, analysts anticipate that the business will report earnings of $2.20 per share, with EPS estimates ranging from $2.19 to $2.20. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research firms that that provide coverage for TowneBank.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings results on Friday, July 27th. The bank reported $0.49 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.49. TowneBank had a net margin of 17.38% and a return on equity of 8.81%. The firm had revenue of $137.06 million for the quarter, compared to analysts’ expectations of $133.65 million.

A number of equities research analysts have recently commented on TOWN shares. BidaskClub cut shares of TowneBank from a “buy” rating to a “hold” rating in a report on Saturday, June 30th. Brean Capital reiterated a “hold” rating on shares of TowneBank in a report on Thursday, April 5th. Zacks Investment Research upgraded shares of TowneBank from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a report on Saturday, April 28th. Finally, Raymond James upgraded shares of TowneBank from a “market perform” rating to an “outperform” rating in a report on Thursday, April 26th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company. TowneBank currently has a consensus rating of “Hold” and an average price target of $34.00.

Shares of NASDAQ:TOWN traded down $0.45 during trading on Friday, reaching $32.55. 104,743 shares of the stock traded hands, compared to its average volume of 163,726. TowneBank has a 52-week low of $27.85 and a 52-week high of $35.30. The company has a quick ratio of 0.97, a current ratio of 1.01 and a debt-to-equity ratio of 0.60. The stock has a market cap of $2.35 billion, a price-to-earnings ratio of 20.87 and a beta of 1.03.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 10th. Investors of record on Friday, June 29th were given a dividend of $0.16 per share. This is an increase from TowneBank’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Thursday, June 28th. This represents a $0.64 dividend on an annualized basis and a yield of 1.97%. TowneBank’s dividend payout ratio is 41.03%.

A number of institutional investors have recently modified their holdings of the stock. Stratos Wealth Partners LTD. lifted its position in TowneBank by 17.8% during the first quarter. Stratos Wealth Partners LTD. now owns 14,653 shares of the bank’s stock valued at $419,000 after purchasing an additional 2,209 shares during the period. Citigroup Inc. lifted its position in TowneBank by 18.5% during the first quarter. Citigroup Inc. now owns 14,816 shares of the bank’s stock valued at $424,000 after purchasing an additional 2,309 shares during the period. American International Group Inc. lifted its position in TowneBank by 7.1% during the first quarter. American International Group Inc. now owns 40,797 shares of the bank’s stock valued at $1,167,000 after purchasing an additional 2,694 shares during the period. SG Americas Securities LLC lifted its position in TowneBank by 89.3% during the first quarter. SG Americas Securities LLC now owns 8,442 shares of the bank’s stock valued at $241,000 after purchasing an additional 3,983 shares during the period. Finally, Citadel Advisors LLC lifted its position in TowneBank by 20.0% during the first quarter. Citadel Advisors LLC now owns 26,093 shares of the bank’s stock valued at $746,000 after purchasing an additional 4,349 shares during the period. Institutional investors own 42.55% of the company’s stock.

TowneBank Company Profile

TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.

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