Equities research analysts expect TowneBank (NASDAQ:TOWN – Get Rating) to post $0.60 earnings per share for the current quarter, according to Zacks. Two analysts have made estimates for TowneBank’s earnings, with the highest EPS estimate coming in at $0.61 and the lowest estimate coming in at $0.58. TowneBank posted earnings of $0.77 per share in the same quarter last year, which indicates a negative year-over-year growth rate of 22.1%. The business is scheduled to report its next earnings report on Monday, January 1st.
On average, analysts expect that TowneBank will report full-year earnings of $2.52 per share for the current fiscal year, with EPS estimates ranging from $2.46 to $2.60. For the next year, analysts expect that the company will post earnings of $2.75 per share, with EPS estimates ranging from $2.68 to $2.80. Zacks’ earnings per share averages are an average based on a survey of sell-side research firms that cover TowneBank.
TOWN has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded TowneBank from a “hold” rating to a “strong-buy” rating and set a $36.00 price objective for the company in a research note on Friday, February 4th. StockNews.com started coverage on shares of TowneBank in a research note on Thursday, March 31st. They issued a “hold” rating for the company.
The business also recently declared a quarterly dividend, which was paid on Friday, April 8th. Stockholders of record on Wednesday, March 30th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, March 29th. This represents a $0.80 annualized dividend and a dividend yield of 2.84%. TowneBank’s payout ratio is 30.30%.
A number of large investors have recently added to or reduced their stakes in the business. River Oaks Capital LLC bought a new position in shares of TowneBank in the 4th quarter worth about $1,608,000. Vanguard Group Inc. lifted its holdings in TowneBank by 12.9% in the first quarter. Vanguard Group Inc. now owns 7,253,308 shares of the bank’s stock worth $217,165,000 after acquiring an additional 827,143 shares during the last quarter. Norges Bank bought a new position in TowneBank in the fourth quarter worth about $19,737,000. Nuance Investments LLC grew its holdings in shares of TowneBank by 70.6% during the first quarter. Nuance Investments LLC now owns 977,584 shares of the bank’s stock valued at $29,269,000 after purchasing an additional 404,573 shares during the last quarter. Finally, Millennium Management LLC raised its position in shares of TowneBank by 183.8% during the 4th quarter. Millennium Management LLC now owns 501,912 shares of the bank’s stock worth $15,855,000 after purchasing an additional 325,036 shares during the period.
TowneBank Company Profile (Get Rating)
TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.
- Get a free copy of the StockNews.com research report on TowneBank (TOWN)
- MarketBeat: Week in Review 5/16 – 5/20
- 3 Retailers That Defied First Quarter Headwinds
- Rapid7: Could Be Profitable in FY 2022 Despite Bear Market
- Will John Deere’s Earnings Help to Calm the Markets?
- Lowe’s Companies Has Not Bottomed
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for TowneBank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TowneBank and related companies with MarketBeat.com's FREE daily email newsletter.