TowneBank (NASDAQ:TOWN) Expected to Post Earnings of $0.52 Per Share

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Brokerages expect TowneBank (NASDAQ:TOWN) to post earnings per share of $0.52 for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for TowneBank’s earnings, with estimates ranging from $0.51 to $0.52. TowneBank reported earnings of $0.54 per share during the same quarter last year, which indicates a negative year over year growth rate of 3.7%. The company is scheduled to issue its next earnings results on Thursday, October 24th.

On average, analysts expect that TowneBank will report full year earnings of $1.87 per share for the current financial year, with EPS estimates ranging from $1.84 to $1.90. For the next year, analysts forecast that the business will post earnings of $1.95 per share, with EPS estimates ranging from $1.90 to $2.00. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research firms that that provide coverage for TowneBank.

TowneBank (NASDAQ:TOWN) last issued its earnings results on Thursday, July 25th. The bank reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.04). TowneBank had a return on equity of 9.16% and a net margin of 21.63%. The firm had revenue of $144.54 million during the quarter, compared to analyst estimates of $140.67 million.

TOWN has been the subject of a number of recent research reports. Piper Jaffray Companies initiated coverage on TowneBank in a report on Tuesday, July 16th. They issued a “neutral” rating and a $27.00 target price for the company. Zacks Investment Research raised TowneBank from a “sell” rating to a “hold” rating in a report on Wednesday. BidaskClub raised TowneBank from a “sell” rating to a “hold” rating in a research note on Tuesday, July 23rd. Finally, ValuEngine raised TowneBank from a “sell” rating to a “hold” rating in a research note on Monday, July 29th. Five investment analysts have rated the stock with a hold rating, TowneBank presently has a consensus rating of “Hold” and an average price target of $29.00.

Hedge funds have recently modified their holdings of the company. Geode Capital Management LLC boosted its position in shares of TowneBank by 9.0% during the 4th quarter. Geode Capital Management LLC now owns 790,500 shares of the bank’s stock valued at $18,932,000 after purchasing an additional 65,244 shares in the last quarter. Weather Gauge Advisory LLC boosted its position in shares of TowneBank by 2.0% during the 1st quarter. Weather Gauge Advisory LLC now owns 51,335 shares of the bank’s stock valued at $1,271,000 after purchasing an additional 996 shares in the last quarter. Denali Advisors LLC bought a new stake in shares of TowneBank during the 1st quarter valued at about $131,000. BB&T Corp boosted its position in shares of TowneBank by 0.4% during the 1st quarter. BB&T Corp now owns 411,100 shares of the bank’s stock valued at $10,175,000 after purchasing an additional 1,716 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its position in shares of TowneBank by 106.4% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 26,454 shares of the bank’s stock valued at $634,000 after purchasing an additional 13,640 shares in the last quarter. 46.16% of the stock is owned by institutional investors.

TOWN traded down $0.08 on Friday, reaching $26.15. The stock had a trading volume of 2,363 shares, compared to its average volume of 131,187. TowneBank has a fifty-two week low of $22.88 and a fifty-two week high of $33.20. The firm’s 50-day moving average price is $27.30. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 0.99. The stock has a market cap of $1.93 billion, a P/E ratio of 13.25 and a beta of 1.07.

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, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.

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Earnings History and Estimates for TowneBank (NASDAQ:TOWN)

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