TowneBank (NASDAQ:TOWN) Announces Quarterly Earnings Results, Beats Expectations By $0.09 EPS

TowneBank (NASDAQ:TOWN) released its quarterly earnings results on Wednesday. The bank reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09, Briefing.com reports. TowneBank had a net margin of 15.33% and a return on equity of 7.61%. The company had revenue of $174.97 million for the quarter, compared to the consensus estimate of $172.20 million. During the same quarter in the prior year, the firm earned $0.52 earnings per share. TowneBank’s revenue was down 3.6% on a year-over-year basis.

TowneBank Price Performance

TowneBank stock opened at $33.26 on Friday. The firm has a market capitalization of $2.49 billion, a P/E ratio of 16.55 and a beta of 0.90. TowneBank has a 1-year low of $21.63 and a 1-year high of $33.93. The company’s 50-day moving average is $27.83 and its 200 day moving average is $27.58.

TowneBank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.00 annualized dividend and a yield of 3.01%. TowneBank’s payout ratio is 49.75%.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of TowneBank from a “hold” rating to a “sell” rating in a report on Thursday, July 4th.

About TowneBank

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.