Towne Bank (NASDAQ:TOWN – Get Free Report) posted its quarterly earnings data on Wednesday. The bank reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.09, Zacks reports. Towne Bank had a return on equity of 9.60% and a net margin of 25.64%.
Towne Bank Trading Down 1.2%
NASDAQ:TOWN traded down $0.42 during mid-day trading on Wednesday, hitting $36.09. 440,488 shares of the stock traded hands, compared to its average volume of 553,066. The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of 10.14 and a beta of 0.71. Towne Bank has a 52 week low of $31.91 and a 52 week high of $39.03. The firm’s 50 day moving average is $36.50 and its two-hundred day moving average is $35.62. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 0.04.
Towne Bank Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Friday, September 25th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.1%. The ex-dividend date was Friday, September 25th. Towne Bank’s dividend payout ratio is presently 31.46%.
Analyst Ratings Changes
Separately, Weiss Ratings downgraded Towne Bank from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Friday, October 2nd. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $39.50.
View Our Latest Stock Report on TOWN
Towne Bank Company Profile
TowneBank is a financial services company headquartered in coastal Virginia. Founded in 1999, the company operates as a community-focused banking organization serving individuals, families and businesses in southeastern Virginia and northeastern North Carolina.
Through its banking operations, TowneBank offers deposit accounts, consumer and commercial lending, mortgages, cash-management services, online and mobile banking, and other traditional financial products. Its business banking services support companies with commercial real estate financing, business loans, treasury management and related banking needs.
Beyond traditional banking, TowneBank provides services through affiliated businesses in areas that include mortgage lending, insurance, wealth management, real estate brokerage and property management.
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