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

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

TowneBank Stock Up 1.1 %

Shares of TOWN stock opened at $33.63 on Friday. The stock has a market cap of $2.52 billion, a price-to-earnings ratio of 16.73 and a beta of 0.90. TowneBank has a fifty-two week low of $21.63 and a fifty-two week high of $33.93. The firm’s 50 day moving average price is $27.93 and its two-hundred day moving average price is $27.61.

TowneBank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.00 dividend on an annualized basis and a yield of 2.97%. TowneBank’s dividend payout ratio (DPR) is 49.75%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of TowneBank from a “hold” rating to a “sell” rating in a research report on Thursday, July 4th.

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.