$0.54 Earnings Per Share Expected for TowneBank (TOWN) This Quarter

Equities analysts predict that TowneBank (NASDAQ:TOWN) will report earnings of $0.54 per share for the current quarter, according to Zacks. Two analysts have issued estimates for TowneBank’s earnings, with the highest EPS estimate coming in at $0.55 and the lowest estimate coming in at $0.53. TowneBank reported earnings per share of $0.44 during the same quarter last year, which would suggest a positive year-over-year growth rate of 22.7%. The company is scheduled to report its next earnings results on Thursday, October 25th.

According to Zacks, analysts expect that TowneBank will report full year earnings of $2.04 per share for the current financial year, with EPS estimates ranging from $2.02 to $2.05. For the next year, analysts expect that the company will post earnings of $2.20 per share. Zacks’ earnings per share averages are a mean average based on a survey of sell-side analysts that that provide coverage for TowneBank.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings data on Friday, July 27th. The bank reported $0.49 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.49. The firm had revenue of $137.06 million during the quarter, compared to analysts’ expectations of $133.65 million. TowneBank had a return on equity of 9.46% and a net margin of 18.11%.

Several research analysts have issued reports on the company. Brean Capital reiterated a “hold” rating on shares of TowneBank in a research report on Saturday, July 28th. BidaskClub upgraded TowneBank from a “strong sell” rating to a “sell” rating in a research report on Tuesday, October 9th. Zacks Investment Research upgraded TowneBank from a “hold” rating to a “buy” rating and set a $37.00 price objective for the company in a research report on Wednesday, August 1st. Piper Jaffray Companies set a $34.00 price objective on TowneBank and gave the stock a “hold” rating in a research report on Monday, July 30th. Finally, ValuEngine cut TowneBank from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $34.50.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of TowneBank by 9.0% in the second quarter. BlackRock Inc. now owns 4,423,045 shares of the bank’s stock valued at $141,980,000 after buying an additional 363,845 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of TowneBank by 2.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,339,449 shares of the bank’s stock valued at $75,097,000 after buying an additional 45,308 shares in the last quarter. Northern Trust Corp increased its position in shares of TowneBank by 63.4% in the second quarter. Northern Trust Corp now owns 1,236,785 shares of the bank’s stock valued at $39,700,000 after buying an additional 479,948 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of TowneBank by 3.4% in the second quarter. Renaissance Technologies LLC now owns 856,827 shares of the bank’s stock valued at $27,504,000 after buying an additional 28,400 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of TowneBank by 112.9% in the second quarter. Bank of New York Mellon Corp now owns 802,478 shares of the bank’s stock valued at $25,760,000 after buying an additional 425,535 shares in the last quarter. Institutional investors and hedge funds own 44.16% of the company’s stock.

NASDAQ:TOWN traded up $0.05 during trading hours on Friday, hitting $28.84. The company’s stock had a trading volume of 16,459 shares, compared to its average volume of 118,831. The stock has a market capitalization of $2.11 billion, a price-to-earnings ratio of 18.49 and a beta of 0.90. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.97 and a current ratio of 1.01. TowneBank has a 52-week low of $27.85 and a 52-week high of $35.30.

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 10th. Stockholders of record on Friday, September 28th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date was Thursday, September 27th. TowneBank’s dividend payout ratio is currently 41.03%.

About TowneBank

TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.

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