$146.29 Million in Sales Expected for TowneBank (NASDAQ:TOWN) This Quarter

Brokerages forecast that TowneBank (NASDAQ:TOWN) will post $146.29 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for TowneBank’s earnings, with estimates ranging from $145.37 million to $147.20 million. TowneBank posted sales of $137.91 million during the same quarter last year, which suggests a positive year over year growth rate of 6.1%. The company is expected to report its next earnings report on Thursday, October 24th.

On average, analysts expect that TowneBank will report full-year sales of $563.84 million for the current financial year, with estimates ranging from $560.48 million to $567.20 million. For the next fiscal year, analysts expect that the firm will report sales of $581.55 million, with estimates ranging from $575.79 million to $587.30 million. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for TowneBank.

TowneBank (NASDAQ:TOWN) last issued its quarterly earnings results on Thursday, July 25th. The bank reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.04). TowneBank had a net margin of 21.63% and a return on equity of 9.16%. The business had revenue of $144.54 million for the quarter, compared to analysts’ expectations of $140.67 million.



TOWN has been the topic of a number of recent research reports. ValuEngine upgraded TowneBank from a “sell” rating to a “hold” rating in a research note on Monday, July 29th. BidaskClub upgraded TowneBank from a “sell” rating to a “hold” rating in a research note on Tuesday, July 23rd. Piper Jaffray Companies initiated coverage on TowneBank in a research note on Tuesday, July 16th. They issued a “neutral” rating and a $27.00 target price on the stock. Finally, Zacks Investment Research upgraded TowneBank from a “sell” rating to a “hold” rating in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating, TowneBank currently has a consensus rating of “Hold” and a consensus target price of $29.00.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC acquired a new stake in shares of TowneBank in the second quarter worth about $29,000. Quantamental Technologies LLC lifted its position in shares of TowneBank by 118.9% in the first quarter. Quantamental Technologies LLC now owns 1,237 shares of the bank’s stock worth $31,000 after buying an additional 672 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of TowneBank in the first quarter worth about $33,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of TowneBank in the second quarter worth about $34,000. Finally, Denali Advisors LLC acquired a new stake in shares of TowneBank in the first quarter worth about $131,000. Hedge funds and other institutional investors own 46.16% of the company’s stock.

NASDAQ TOWN traded down $0.14 on Monday, reaching $26.09. The stock had a trading volume of 2,149 shares, compared to its average volume of 131,187. The firm has a 50 day simple moving average of $27.30. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 0.99. TowneBank has a 1 year low of $22.88 and a 1 year high of $33.20. The company has a market capitalization of $1.93 billion, a P/E ratio of 13.25 and a beta of 1.07.

TowneBank Company Profile

TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.

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Earnings History and Estimates for TowneBank (NASDAQ:TOWN)

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