Wall Street analysts expect TowneBank (NASDAQ: TOWN) to post revenue of $ 152.80 million for the current fiscal quarter, according to Zacks investment research. Two analysts provided earnings estimates for TowneBank, with the highest sales estimate at $ 153.75 million and the lower estimate at $ 151.85 million. TowneBank reported sales of $ 171.85 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 11.1%. The company is expected to release its next quarterly earnings report on Thursday, January 27.
On average, analysts expect TowneBank to report annual revenue of $ 663.78 million for the current year, with estimates ranging from $ 661.13 million to $ 666.44 million. dollars. For the next fiscal year, analysts predict the company will post sales of $ 626.91 million, with estimates ranging from $ 626.85 to $ 626.96 million. Zacks’ sales calculations are an average based on a survey of analysts who cover TowneBank.
TowneBank (NASDAQ: TOWN) last reported its results on Thursday, October 28. The bank reported earnings per share (EPS) of $ 0.69 for the quarter, beating analysts’ consensus estimates of $ 0.65 per $ 0.04. TowneBank had a net margin of 27.16% and a return on equity of 11.74%.
Separately, Zacks investment research upgraded TowneBank’s stock from a âholdâ rating to a âbuyâ rating and set a price target of $ 35.00 on the stock in a research report released on Friday, October 1.
Several hedge funds and other institutional investors have recently increased or reduced their holdings in TOWN. Goldman Sachs Group Inc. increased its holdings of TowneBank shares by 32.9% in the second quarter. Goldman Sachs Group Inc. now owns 1,494,739 shares of the bank valued at $ 45,471,000 after purchasing an additional 370,310 shares in the last quarter. DAVENPORT & Co LLC increased its equity stake in TowneBank by 408.5% in the 2nd quarter. DAVENPORT & Co LLC now owns 407,432 shares of the bank valued at $ 12,394,000 after purchasing an additional 327,313 shares during the last quarter. Nuveen Asset Management LLC increased its equity stake in TowneBank by 28.7% in the 1st quarter. Nuveen Asset Management LLC now owns 456,962 shares of the bank valued at $ 13,892,000 after purchasing an additional 102,001 shares in the last quarter. Richard Bernstein Advisors LLC acquired a new equity interest in TowneBank during the first quarter valued at approximately $ 2,319,000. Finally, American Century Companies Inc. increased its holdings of TowneBank shares by 5.0% during the second quarter. American Century Companies Inc. now owns 1,581,959 shares of the bank valued at $ 48,123,000 after acquiring an additional 75,668 shares during the period. Institutional investors and hedge funds hold 50.08% of the company’s shares.
TowneBank stock opened at $ 31.52 on Monday. TowneBank has a 52 week low of $ 17.50 and a 52 week high of $ 33.25. The company has a market cap of $ 2.29 billion, a price-to-earnings ratio of 10.91 and a beta of 1.15. The company’s 50-day moving average price is $ 30.56. The company has a debt ratio of 0.26, a current ratio of 0.99, and a quick ratio of 0.94.
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 12. Investors of record on Thursday, September 30, received a dividend of $ 0.20. The ex-dividend date was Wednesday, September 29. This represents a dividend of $ 0.80 on an annualized basis and a dividend yield of 2.54%. TowneBank’s payout ratio is currently 39.80%.
TowneBank Company Profile
TowneBank provides retail and commercial banking services to individuals and small and medium-sized businesses. It operates through the following segments: Banking, Real Estate and Insurance. The banking industry provides loan and deposit services to individuals and businesses. The Real Estate segment is focused on providing residential real estate services and arranging a variety of mortgage loans.
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