TowneBank (NASDAQ:TOWN) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS

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

TowneBank Trading Down 0.5 %

Shares of NASDAQ TOWN traded down $0.18 during trading hours on Wednesday, reaching $34.33. The stock had a trading volume of 194,299 shares, compared to its average volume of 218,272. The firm has a 50-day moving average of $35.11 and a 200-day moving average of $33.69. The firm has a market cap of $2.57 billion, a price-to-earnings ratio of 17.25 and a beta of 0.93. TowneBank has a fifty-two week low of $25.70 and a fifty-two 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 2.91%. The ex-dividend date of this dividend was Tuesday, December 31st. TowneBank’s payout ratio is currently 50.25%.

Analyst Ratings Changes

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

About TowneBank

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.