TowneBank (NASDAQ:TOWN) Expected to Announce Earnings of $0.63 Per Share

Equities analysts expect that TowneBank (NASDAQ:TOWN) will announce earnings per share (EPS) of $0.63 for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for TowneBank’s earnings, with estimates ranging from $0.62 to $0.64. TowneBank posted earnings of $0.48 per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 31.3%. The firm is expected to report its next earnings report on Thursday, October 28th.

According to Zacks, analysts expect that TowneBank will report full year earnings of $2.87 per share for the current fiscal year, with EPS estimates ranging from $2.85 to $2.90. For the next year, analysts anticipate that the firm will post earnings of $2.17 per share, with EPS estimates ranging from $2.00 to $2.32. Zacks’ EPS calculations are a mean average based on a survey of research analysts that follow TowneBank.

TowneBank (NASDAQ:TOWN) last released its earnings results on Thursday, July 29th. The bank reported $0.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.11. TowneBank had a net margin of 27.16% and a return on equity of 11.74%.

Separately, Zacks Investment Research raised shares of TowneBank from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research report on Saturday, August 21st.

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in TowneBank by 1.2% in the second quarter. Vanguard Group Inc. now owns 6,315,483 shares of the bank’s stock worth $192,117,000 after purchasing an additional 73,036 shares in the last quarter. BlackRock Inc. raised its position in TowneBank by 6.4% in the first quarter. BlackRock Inc. now owns 5,184,362 shares of the bank’s stock worth $157,603,000 after purchasing an additional 312,122 shares in the last quarter. Dimensional Fund Advisors LP raised its position in TowneBank by 1.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,830,867 shares of the bank’s stock worth $86,115,000 after purchasing an additional 46,384 shares in the last quarter. American Century Companies Inc. raised its position in TowneBank by 5.0% in the second quarter. American Century Companies Inc. now owns 1,581,959 shares of the bank’s stock worth $48,123,000 after purchasing an additional 75,668 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in TowneBank by 32.9% in the second quarter. Goldman Sachs Group Inc. now owns 1,494,739 shares of the bank’s stock worth $45,471,000 after purchasing an additional 370,310 shares in the last quarter. 50.08% of the stock is owned by institutional investors and hedge funds.

TowneBank stock traded down $0.10 on Tuesday, reaching $28.36. 165 shares of the stock were exchanged, compared to its average volume of 159,776. The stock has a market cap of $2.06 billion, a PE ratio of 9.81 and a beta of 1.15. The company has a current ratio of 0.99, a quick ratio of 0.94 and a debt-to-equity ratio of 0.26. TowneBank has a twelve month low of $15.36 and a twelve month high of $33.25. The firm has a fifty day moving average price of $30.05 and a two-hundred day moving average price of $30.79.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 12th. Stockholders of record on Thursday, September 30th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date is Wednesday, September 29th. TowneBank’s dividend payout ratio is currently 39.80%.

About TowneBank

TowneBank engages in the provision of retail and commercial banking services to individuals and small and medium size businesses. It operates through the following segments: Banking, Realty, and Insurance. The Banking segment offers loan and deposit services to retail and commercial customers. The Realty segment focuses on the provision of residential real estate services and originations of a variety of mortgage loans.

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Earnings History and Estimates for TowneBank (NASDAQ:TOWN)

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