Towne Bank (NASDAQ:TOWN) Posts Earnings Results, Beats Estimates By $0.09 EPS

Towne Bank (NASDAQ:TOWN) issued its quarterly earnings data on Wednesday. The bank reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.09, Zacks reports. Towne Bank had a return on equity of 9.60% and a net margin of 25.64%. The business had revenue of $255.20 million for the quarter, compared to the consensus estimate of $250.66 million.

Towne Bank Stock Down 1.2%

Shares of TOWN stock opened at $36.09 on Thursday. Towne Bank has a 12 month low of $31.91 and a 12 month high of $39.03. The firm has a market cap of $2.85 billion, a PE ratio of 10.14 and a beta of 0.71. The stock has a 50 day moving average of $36.46 and a 200-day moving average of $35.63. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 0.04.

Towne Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Friday, September 25th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, September 25th. Towne Bank’s dividend payout ratio is currently 31.46%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded shares of Towne Bank from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Friday, October 2nd. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $39.50.

Towne Bank Company Profile

TowneBank is a financial services company headquartered in coastal Virginia. Founded in 1999, the company operates as a community-focused banking organization serving individuals, families and businesses in southeastern Virginia and northeastern North Carolina.

Through its banking operations, TowneBank offers deposit accounts, consumer and commercial lending, mortgages, cash-management services, online and mobile banking, and other traditional financial products. Its business banking services support companies with commercial real estate financing, business loans, treasury management and related banking needs.

Beyond traditional banking, TowneBank provides services through affiliated businesses in areas that include mortgage lending, insurance, wealth management, real estate brokerage and property management.