Wall Street brokerages expect TowneBank (NASDAQ:TOWN) to announce sales of $138.83 million for the current quarter, Zacks reports. Two analysts have provided estimates for TowneBank’s earnings, with the lowest sales estimate coming in at $137.50 million and the highest estimate coming in at $140.16 million. TowneBank reported sales of $115.34 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 20.4%. The firm is scheduled to issue its next earnings results on Thursday, October 25th.
On average, analysts expect that TowneBank will report full-year sales of $541.28 million for the current financial year, with estimates ranging from $538.60 million to $543.95 million. For the next fiscal year, analysts forecast that the business will report sales of $572.65 million, with estimates ranging from $572.20 million to $573.10 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that follow TowneBank.
TowneBank (NASDAQ:TOWN) last issued its quarterly earnings data on Friday, July 27th. The bank reported $0.49 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.49. TowneBank had a net margin of 18.11% and a return on equity of 9.46%. The business had revenue of $137.06 million during the quarter, compared to the consensus estimate of $133.65 million.
A number of equities research analysts have issued reports on the stock. Brean Capital reaffirmed a “hold” rating on shares of TowneBank in a research report on Saturday, July 28th. BidaskClub downgraded shares of TowneBank from a “buy” rating to a “hold” rating in a research report on Wednesday, June 13th. ValuEngine downgraded shares of TowneBank from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Zacks Investment Research downgraded shares of TowneBank from a “buy” rating to a “hold” rating in a research report on Saturday, September 29th. Finally, Piper Jaffray Companies set a $34.00 target price on shares of TowneBank and gave the company a “hold” rating in a research report on Monday, July 30th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. TowneBank has a consensus rating of “Hold” and an average price target of $34.50.
Several institutional investors have recently added to or reduced their stakes in the company. Northern Trust Corp grew its position in shares of TowneBank by 63.4% during the 2nd quarter. Northern Trust Corp now owns 1,236,785 shares of the bank’s stock valued at $39,700,000 after acquiring an additional 479,948 shares during the period. Bank of New York Mellon Corp grew its position in shares of TowneBank by 112.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 802,478 shares of the bank’s stock valued at $25,760,000 after acquiring an additional 425,535 shares during the period. California Public Employees Retirement System grew its position in shares of TowneBank by 2.5% during the 2nd quarter. California Public Employees Retirement System now owns 122,104 shares of the bank’s stock valued at $3,920,000 after acquiring an additional 2,959 shares during the period. Millennium Management LLC grew its position in shares of TowneBank by 328.2% during the 2nd quarter. Millennium Management LLC now owns 372,073 shares of the bank’s stock valued at $11,944,000 after acquiring an additional 285,178 shares during the period. Finally, Zebra Capital Management LLC bought a new position in shares of TowneBank during the 2nd quarter valued at approximately $487,000. 44.17% of the stock is owned by hedge funds and other institutional investors.
TOWN stock traded down $0.16 during trading on Friday, reaching $30.35. The stock had a trading volume of 86,670 shares, compared to its average volume of 147,342. TowneBank has a one year low of $27.85 and a one year high of $35.30. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.97 and a current ratio of 1.01. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of 19.46 and a beta of 0.90.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 10th. Stockholders of record on Friday, September 28th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date of this dividend is Thursday, September 27th. TowneBank’s dividend payout ratio is currently 41.03%.
TowneBank Company Profile
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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