$0.63 EPS Expected for TowneBank (NASDAQ:TOWN) This Quarter

Analysts expect that TowneBank (NASDAQ:TOWN) will report earnings of $0.63 per share for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for TowneBank’s earnings. The lowest EPS estimate is $0.62 and the highest is $0.64. TowneBank posted earnings of $0.48 per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 31.3%. The company is expected to issue its next earnings report on Thursday, October 28th.

On average, analysts expect that TowneBank will report full-year earnings of $2.87 per share for the current year, with EPS estimates ranging from $2.85 to $2.91. For the next fiscal year, analysts anticipate that the business will post earnings of $2.18 per share, with EPS estimates ranging from $2.00 to $2.32. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research firms that cover TowneBank.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings data on Thursday, July 29th. The bank reported $0.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.11. The firm had revenue of $167.32 million during the quarter, compared to analyst estimates of $166.97 million. TowneBank had a net margin of 27.16% and a return on equity of 11.74%.

Separately, Zacks Investment Research raised shares of TowneBank from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a research note on Friday, October 1st.

Shares of TOWN stock opened at $31.81 on Monday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.99 and a quick ratio of 0.94. The firm has a market cap of $2.31 billion, a PE ratio of 11.01 and a beta of 1.15. The company has a 50-day moving average of $30.46 and a two-hundred day moving average of $30.78. TowneBank has a 1-year low of $17.03 and a 1-year high of $33.25.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 12th. Stockholders of record on Thursday, September 30th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.51%. The ex-dividend date was Wednesday, September 29th. TowneBank’s payout ratio is 39.80%.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Parametric Portfolio Associates LLC boosted its stake in shares of TowneBank by 58.8% in the second quarter. Parametric Portfolio Associates LLC now owns 145,567 shares of the bank’s stock valued at $4,428,000 after purchasing an additional 53,893 shares during the period. Morgan Stanley raised its holdings in TowneBank by 45.1% in the second quarter. Morgan Stanley now owns 114,388 shares of the bank’s stock valued at $3,480,000 after acquiring an additional 35,576 shares in the last quarter. Zacks Investment Management raised its holdings in TowneBank by 4.9% in the second quarter. Zacks Investment Management now owns 28,567 shares of the bank’s stock valued at $869,000 after acquiring an additional 1,330 shares in the last quarter. Invesco Ltd. raised its holdings in TowneBank by 55.1% in the second quarter. Invesco Ltd. now owns 115,655 shares of the bank’s stock valued at $3,518,000 after acquiring an additional 41,083 shares in the last quarter. Finally, Metropolitan Life Insurance Co NY raised its holdings in TowneBank by 106,394.4% in the second quarter. Metropolitan Life Insurance Co NY now owns 19,169 shares of the bank’s stock valued at $583,000 after acquiring an additional 19,151 shares in the last quarter. 50.08% of the stock is owned by institutional investors and hedge funds.

TowneBank Company Profile

TowneBank engages in the provision of retail and commercial banking services to individuals and small and medium size businesses. It operates through the following segments: Banking, Realty, and Insurance. The Banking segment offers loan and deposit services to retail and commercial customers. The Realty segment focuses on the provision of residential real estate services and originations of a variety of mortgage loans.

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Earnings History and Estimates for TowneBank (NASDAQ:TOWN)

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