TowneBank (NASDAQ:TOWN) Releases Earnings Results, Beats Expectations By $0.07 EPS

TowneBank (NASDAQ:TOWN) released its earnings results on Wednesday. The bank reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.07, Zacks reports. TowneBank had a return on equity of 7.32% and a net margin of 14.89%.

TowneBank Trading Down 0.5 %

Shares of TOWN stock opened at $34.33 on Thursday. The stock has a 50 day moving average of $35.09 and a 200 day moving average of $33.69. The stock has a market cap of $2.57 billion, a P/E ratio of 17.25 and a beta of 0.93. TowneBank has a twelve month low of $25.70 and a twelve month high of $38.28.

TowneBank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.91%. The ex-dividend date was Tuesday, December 31st. TowneBank’s dividend payout ratio is currently 50.25%.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods raised TowneBank from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $35.00 to $40.00 in a report on Wednesday, October 2nd.

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.