Towne Bank (NASDAQ:TOWN) Issues Earnings Results, Misses Estimates By $0.01 EPS

Towne Bank (NASDAQ:TOWN) released its quarterly earnings results on Wednesday. The bank reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01), Zacks reports. Towne Bank had a net margin of 13.51% and a return on equity of 9.91%. The firm had revenue of $245.72 million for the quarter, compared to analysts’ expectations of $245.33 million.

Towne Bank Trading Up 1.4%

NASDAQ:TOWN traded up $0.50 during midday trading on Friday, reaching $36.45. 164,353 shares of the stock traded hands, compared to its average volume of 554,144. The company has a fifty day moving average of $35.21 and a 200 day moving average of $35.00. Towne Bank has a 12 month low of $31.91 and a 12 month high of $37.86. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.88 and a current ratio of 0.89. The stock has a market capitalization of $2.88 billion, a P/E ratio of 18.41 and a beta of 0.69.

Towne Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Friday, June 26th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, June 26th. This is a positive change from Towne Bank’s previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a dividend yield of 3.1%. Towne Bank’s payout ratio is presently 56.57%.

Wall Street Analysts Forecast Growth

TOWN has been the subject of a number of research reports. Zacks Research upgraded Towne Bank from a “strong sell” rating to a “hold” rating in a report on Monday, June 29th. Weiss Ratings upgraded Towne Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, July 16th. Hovde Group cut their target price on Towne Bank from $42.00 to $41.00 and set an “outperform” rating for the company in a research note on Monday, April 27th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $38.00 price target (down from $42.00) on shares of Towne Bank in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $39.50.

Institutional Investors Weigh In On Towne Bank

A number of large investors have recently added to or reduced their stakes in TOWN. Sciencast Management LP bought a new stake in Towne Bank in the fourth quarter valued at $233,000. CIBC Bancorp USA Inc. bought a new position in Towne Bank in the 3rd quarter worth $271,000. Mariner LLC lifted its position in shares of Towne Bank by 12.5% in the 3rd quarter. Mariner LLC now owns 7,585 shares of the bank’s stock worth $262,000 after purchasing an additional 845 shares during the period. Landscape Capital Management L.L.C. purchased a new stake in shares of Towne Bank in the 3rd quarter worth about $229,000. Finally, BNP Paribas Financial Markets boosted its stake in shares of Towne Bank by 68.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,967 shares of the bank’s stock valued at $238,000 after purchasing an additional 2,822 shares in the last quarter. Institutional investors own 55.99% of the company’s stock.

About Towne Bank

TowneBank is a Virginia‐based financial services company organized as a bank holding company. Its primary subsidiary, TowneBank, operates a network of community banking offices and mortgage production facilities. The company offers a comprehensive range of commercial and consumer banking solutions, including deposit accounts, lending products, treasury management, and private banking services tailored to individuals, small businesses, and middle‐market corporations.

In addition to traditional banking, TowneBank provides specialty services through affiliated subsidiaries.