Brokerages Expect TowneBank (NASDAQ:TOWN) Will Announce Quarterly Sales of $165.25 Million

Equities research analysts forecast that TowneBank (NASDAQ:TOWNGet Rating) will post $165.25 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for TowneBank’s earnings. The lowest sales estimate is $165.16 million and the highest is $165.33 million. TowneBank reported sales of $167.32 million during the same quarter last year, which indicates a negative year over year growth rate of 1.2%. The business is expected to report its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that TowneBank will report full year sales of $676.28 million for the current financial year, with estimates ranging from $674.69 million to $677.88 million. For the next year, analysts anticipate that the firm will report sales of $723.09 million, with estimates ranging from $715.57 million to $730.62 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover TowneBank.

A number of analysts have recently weighed in on the stock. StockNews.com assumed coverage on shares of TowneBank in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Zacks Investment Research raised shares of TowneBank from a “hold” rating to a “strong-buy” rating and set a $36.00 target price on the stock in a research report on Friday, February 4th.

NASDAQ:TOWN opened at $28.17 on Friday. The firm’s 50-day moving average price is $29.20 and its 200-day moving average price is $30.93. TowneBank has a 1-year low of $27.27 and a 1-year high of $34.79.

The business also recently declared a quarterly dividend, which was paid on Friday, April 8th. Stockholders of record on Wednesday, March 30th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date was Tuesday, March 29th. TowneBank’s payout ratio is presently 30.30%.

Large investors have recently modified their holdings of the company. Advisor Group Holdings Inc. raised its stake in TowneBank by 6.2% during the 4th quarter. Advisor Group Holdings Inc. now owns 5,584 shares of the bank’s stock worth $175,000 after acquiring an additional 327 shares during the period. LPL Financial LLC boosted its stake in TowneBank by 2.3% during the third quarter. LPL Financial LLC now owns 15,433 shares of the bank’s stock worth $480,000 after buying an additional 353 shares during the period. Steward Partners Investment Advisory LLC boosted its stake in TowneBank by 4.9% during the first quarter. Steward Partners Investment Advisory LLC now owns 8,995 shares of the bank’s stock worth $269,000 after buying an additional 423 shares during the period. Fuller & Thaler Asset Management Inc. boosted its stake in TowneBank by 0.3% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 186,470 shares of the bank’s stock worth $5,583,000 after buying an additional 507 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in TowneBank by 1.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 32,866 shares of the bank’s stock worth $1,038,000 after buying an additional 615 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.

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Earnings History and Estimates for TowneBank (NASDAQ:TOWN)

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