Equities research analysts expect TowneBank (NASDAQ:TOWN) to post earnings per share of $0.54 for the current quarter, according to Zacks. Two analysts have issued estimates for TowneBank’s earnings, with the highest EPS estimate coming in at $0.55 and the lowest estimate coming in at $0.53. TowneBank posted earnings of $0.44 per share in the same quarter last year, which indicates a positive year-over-year growth rate of 22.7%. The firm is expected to issue its next quarterly earnings results on Thursday, October 25th.
According to Zacks, analysts expect that TowneBank will report full year earnings of $2.04 per share for the current year, with EPS estimates ranging from $2.02 to $2.05. For the next year, analysts expect that the business will post earnings of $2.20 per share. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that cover TowneBank.
TowneBank (NASDAQ:TOWN) last released its quarterly earnings results on Friday, July 27th. The bank reported $0.49 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.49. The company had revenue of $137.06 million for the quarter, compared to analysts’ expectations of $133.65 million. TowneBank had a return on equity of 9.46% and a net margin of 18.11%.
Large investors have recently made changes to their positions in the stock. ACG Wealth bought a new stake in TowneBank during the second quarter worth approximately $203,000. SG Americas Securities LLC raised its holdings in TowneBank by 89.3% during the first quarter. SG Americas Securities LLC now owns 8,442 shares of the bank’s stock worth $241,000 after purchasing an additional 3,983 shares in the last quarter. Principal Financial Group Inc. bought a new stake in TowneBank during the first quarter worth approximately $290,000. Xact Kapitalforvaltning AB raised its holdings in TowneBank by 70.3% during the first quarter. Xact Kapitalforvaltning AB now owns 11,388 shares of the bank’s stock worth $326,000 after purchasing an additional 4,700 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in TowneBank by 67.5% during the first quarter. Victory Capital Management Inc. now owns 13,195 shares of the bank’s stock worth $377,000 after purchasing an additional 5,317 shares in the last quarter. 44.17% of the stock is currently owned by hedge funds and other institutional investors.
Shares of TOWN traded up $0.07 during mid-day trading on Thursday, reaching $30.06. 14 shares of the company’s stock traded hands, compared to its average volume of 148,644. The stock has a market cap of $2.22 billion, a PE ratio of 19.28 and a beta of 0.90. The company has a current ratio of 1.01, a quick ratio of 0.97 and a debt-to-equity ratio of 0.60. TowneBank has a 12 month low of $27.85 and a 12 month high of $35.30.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 10th. Investors of record on Friday, September 28th will be issued a dividend of $0.16 per share. The ex-dividend date is Thursday, September 27th. This represents a $0.64 annualized dividend and a yield of 2.13%. TowneBank’s payout ratio is 41.03%.
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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