TowneBank (NASDAQ:TOWN) Issues Earnings Results

TowneBank (NASDAQ:TOWN) posted 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 return on equity of 7.77% and a net margin of 15.77%.

TowneBank Stock Up 1.5 %

NASDAQ TOWN opened at $34.84 on Friday. The firm has a 50-day moving average price of $35.08 and a 200 day moving average price of $33.70. The stock has a market capitalization of $2.61 billion, a P/E ratio of 16.20 and a beta of 0.93. TowneBank has a 52-week low of $25.70 and a 52-week high of $38.28.

TowneBank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend was Tuesday, December 31st. TowneBank’s payout ratio is 46.51%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Keefe, Bruyette & Woods upgraded shares of TowneBank from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $35.00 to $40.00 in a research note on Wednesday, October 2nd. Stephens reaffirmed an “equal weight” rating and set a $41.00 price objective on shares of TowneBank in a research note on Thursday.

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.