Stock analysts expect TowneBank Inc (NASDAQ:TOWN) to report earnings per share (EPS) of $0.61 for the current fiscal quarter, according to Zacks. Two analysts have made earnings estimates for TowneBank, with the lowest EPS estimate being $0.59 and the highest estimate of $0.62. TowneBank reported earnings of $0.95 per share in the same quarter last year, which would indicate a negative 35.8% year-over-year growth rate. The company is expected to release its next earnings report on Thursday, May 5.
According to Zacks, analysts expect TowneBank to report annual earnings of $2.37 per share for the current fiscal year, with EPS estimates ranging from $2.35 to $2.38. For next year, analysts expect the company to post earnings of $2.57 per share, with EPS estimates ranging from $2.55 to $2.59. Zacks Investment Research’s EPS calculations are an average average based on a survey of research analysts who cover TowneBank.
TowneBank (NASDAQ:TOWN) last released its results on Thursday, January 27. The bank reported earnings per share (EPS) of $0.55 for the quarter, missing Thomson Reuters consensus estimate of $0.59 per ($0.04). TowneBank had a return on equity of 11.86% and a net margin of 29.85%.
TOWN has been the subject of a number of research analyst reports. Zacks Investment Research upgraded TowneBank shares from a “hold” rating to a “strong-buy” rating and set a price target of $36.00 on the stock in a report released Friday. StockNews.com upgraded TowneBank shares from a “hold” rating to a “buy” rating in a report on Saturday.
NASDAQ:TOWN shares were up $0.16 during Friday’s trading, hitting $31.34. The company had a trading volume of 150,598 shares, compared to an average volume of 255,275. The company has a fifty-day moving average price of $31.93. The stock has a market capitalization of $2.28 billion, a PE ratio of 10.59 and a beta of 1.04. TowneBank has a 12-month low of $25.27 and a 12-month high of $34.79.
The company also recently announced a quarterly dividend, which was paid on Wednesday, January 12. Investors of record on Thursday, December 30 received a dividend of $0.20 per share. This represents an annualized dividend of $0.80 and a dividend yield of 2.55%. The ex-dividend date was Wednesday, December 29. TowneBank’s dividend payout ratio is currently 27.03%.
Hedge funds have recently increased or reduced their holdings in the stock. Virginia Retirement Systems ET AL bought a new position in TowneBank stock during Q3 for $218,000. Morgan Stanley increased its stake in TowneBank by 45.1% in the second quarter. Morgan Stanley now owns 114,388 shares of the bank worth $3,480,000 after acquiring 35,576 additional shares in the last quarter. Principal Financial Group Inc. increased its holdings in TowneBank by 14.4% in the second quarter. Principal Financial Group Inc. now owns 7,752 shares of the bank worth $236,000 after acquiring 977 additional shares in the last quarter. Royal Bank of Canada increased its holdings in TowneBank by 1.6% in the second quarter. Royal Bank of Canada now owns 32,424 shares of the bank worth $986,000 after acquiring 516 more shares in the last quarter. Finally, Teacher Retirement System of Texas increased its holdings in TowneBank by 22.4% in the third quarter. Teacher Retirement System of Texas now owns 11,712 shares of the bank worth $364,000 after acquiring 2,146 additional shares in the last quarter. 49.21% of the shares are currently held by institutional investors.
TowneBank provides retail and commercial banking services to individuals and small and medium businesses. It operates through the following segments: Banking, Real Estate and Insurance. The Bank segment provides lending and deposit services to retail and commercial customers. The Real Estate segment focuses on the provision of residential real estate services and the origination of a variety of mortgage loans.
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