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

TowneBank (NASDAQ:TOWN) released its quarterly earnings data on Wednesday. The bank reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.07, Zacks reports. TowneBank had a net margin of 14.89% and a return on equity of 7.32%.

TowneBank Stock Performance

Shares of NASDAQ TOWN traded down $0.18 during trading on Wednesday, reaching $34.33. The stock had a trading volume of 194,299 shares, compared to its average volume of 218,272. TowneBank has a fifty-two week low of $25.70 and a fifty-two week high of $38.28. The company has a market cap of $2.57 billion, a P/E ratio of 17.25 and a beta of 0.93. The business’s 50-day moving average price is $35.11 and its 200-day moving average price is $33.69.

TowneBank Dividend Announcement

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

Analysts Set New Price Targets

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

TowneBank Company Profile

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.