Towne Bank (NASDAQ:TOWN) Announces Earnings Results

Towne Bank (NASDAQ:TOWN) issued its earnings results on Wednesday. The bank reported $0.78 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.01), Zacks reports. The business had revenue of $245.72 million for the quarter, compared to the consensus estimate of $245.33 million. Towne Bank had a net margin of 13.51% and a return on equity of 9.91%.

Towne Bank Stock Up 1.7%

NASDAQ TOWN traded up $0.59 during trading hours on Friday, reaching $36.54. 252,895 shares of the company’s stock were exchanged, compared to its average volume of 554,886. 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 company has a market capitalization of $2.89 billion, a price-to-earnings ratio of 18.46 and a beta of 0.69. The company’s 50-day moving average is $35.21 and its two-hundred day moving average is $35.00. Towne Bank has a one year low of $31.91 and a one year high of $37.86.

Towne Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Friday, June 26th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.1%. 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. Towne Bank’s dividend payout ratio (DPR) is currently 56.57%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Voloridge Investment Management LLC acquired a new stake in shares of Towne Bank in the 4th quarter valued at about $568,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Towne Bank during the third quarter worth about $518,000. Inspire Investing LLC raised its position in Towne Bank by 5.9% in the 4th quarter. Inspire Investing LLC now owns 13,939 shares of the bank’s stock valued at $465,000 after buying an additional 780 shares during the last quarter. Trexquant Investment LP bought a new stake in Towne Bank in the 4th quarter valued at approximately $390,000. Finally, Occudo Quantitative Strategies LP acquired a new position in Towne Bank during the 3rd quarter worth approximately $357,000. Institutional investors and hedge funds own 55.99% of the company’s stock.

Analyst Ratings Changes

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

Towne Bank Company Profile

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.