TowneBank (TOWN) Expected to Post Quarterly Sales of $136.56 Million

Brokerages expect TowneBank (NASDAQ:TOWN) to report $136.56 million in sales for the current quarter, Zacks reports. Two analysts have issued estimates for TowneBank’s earnings. The highest sales estimate is $137.51 million and the lowest is $135.60 million. TowneBank posted sales of $115.34 million in the same quarter last year, which suggests a positive year over year growth rate of 18.4%. The firm is expected to announce its next earnings results on Thursday, October 25th.

According to Zacks, analysts expect that TowneBank will report full year sales of $535.25 million for the current year, with estimates ranging from $533.20 million to $537.30 million. For the next financial year, analysts anticipate that the firm will report sales of $569.36 million per share, with estimates ranging from $568.81 million to $569.90 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that that provide coverage for TowneBank.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings data on Friday, July 27th. The bank reported $0.49 EPS for the quarter, hitting analysts’ consensus estimates of $0.49. TowneBank had a return on equity of 8.81% and a net margin of 17.38%. The business had revenue of $137.06 million during the quarter, compared to analysts’ expectations of $133.65 million.

A number of equities research analysts recently commented on TOWN shares. Zacks Investment Research raised TowneBank from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research note on Saturday, April 28th. BidaskClub cut TowneBank from a “sell” rating to a “strong sell” rating in a research note on Friday, April 20th. Brean Capital reaffirmed a “hold” rating on shares of TowneBank in a research note on Thursday, May 3rd. Finally, Raymond James raised TowneBank from a “market perform” rating to an “outperform” rating in a research note on Thursday, April 26th. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $34.00.

Shares of TowneBank traded down $0.45, reaching $32.55, during trading on Monday, MarketBeat Ratings reports. 104,743 shares of the company were exchanged, compared to its average volume of 163,726. The company has a quick ratio of 0.97, a current ratio of 1.01 and a debt-to-equity ratio of 0.60. TowneBank has a twelve month low of $27.85 and a twelve month high of $35.30. The stock has a market cap of $2.35 billion, a PE ratio of 20.87 and a beta of 1.03.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 10th. Investors of record on Friday, June 29th were paid a dividend of $0.16 per share. The ex-dividend date was Thursday, June 28th. This is a boost from TowneBank’s previous quarterly dividend of $0.14. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.97%. TowneBank’s payout ratio is 41.03%.

Institutional investors have recently made changes to their positions in the stock. ACG Wealth bought a new position in TowneBank during the second quarter worth about $203,000. Xact Kapitalforvaltning AB bought a new position in TowneBank during the fourth quarter worth about $206,000. Evermay Wealth Management LLC bought a new position in TowneBank during the first quarter worth about $231,000. Trexquant Investment LP bought a new position in TowneBank during the first quarter worth about $237,000. Finally, SG Americas Securities LLC lifted its holdings in TowneBank by 89.3% during the first quarter. SG Americas Securities LLC now owns 8,442 shares of the bank’s stock worth $241,000 after acquiring an additional 3,983 shares in the last quarter. 42.55% of the stock is owned by institutional investors and hedge funds.

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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