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

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

TowneBank Stock Performance

TOWN opened at $33.26 on Friday. TowneBank has a twelve month low of $21.63 and a twelve month high of $33.93. The business has a 50 day moving average price of $27.83 and a 200 day moving average price of $27.58. The firm has a market cap of $2.49 billion, a P/E ratio of 16.55 and a beta of 0.90.

TowneBank Dividend Announcement

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

Analysts Set New Price Targets

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.