TowneBank (TOWN) Expected to Post Quarterly Sales of $138.83 Million
Brokerages expect TowneBank (NASDAQ:TOWN) to report sales of $138.83 million for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for TowneBank’s earnings, with estimates ranging from $137.50 million to $140.16 million. TowneBank posted sales of $115.34 million in the same quarter last year, which suggests a positive year-over-year growth rate of 20.4%. The firm is scheduled to issue its next quarterly earnings report on Thursday, October 25th.
On average, analysts expect that TowneBank will report full-year sales of $541.27 million for the current year, with estimates ranging from $538.60 million to $543.95 million. For the next financial year, analysts forecast that the company will report sales of $572.65 million per share, with estimates ranging from $572.20 million to $573.10 million. Zacks’ sales calculations are an average based on a survey of research 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 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.49. The business had revenue of $137.06 million for the quarter, compared to analysts’ expectations of $133.65 million. TowneBank had a net margin of 18.11% and a return on equity of 9.46%.
NASDAQ:TOWN traded down $0.05 during mid-day trading on Wednesday, reaching $31.80. The stock had a trading volume of 221,700 shares, compared to its average volume of 150,020. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of 20.38 and a beta of 0.89. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.01 and a quick ratio of 0.97. TowneBank has a 12 month low of $27.85 and a 12 month high of $35.30.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 10th. Shareholders of record on Friday, September 28th will be paid a dividend of $0.16 per share. The ex-dividend date is Thursday, September 27th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.01%. TowneBank’s payout ratio is presently 41.03%.
Several hedge funds and other institutional investors have recently bought and sold shares of the business. Raymond James & Associates grew its stake in shares of TowneBank by 4.5% during the second quarter. Raymond James & Associates now owns 47,414 shares of the bank’s stock worth $1,522,000 after buying an additional 2,044 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of TowneBank by 15.9% during the second quarter. Victory Capital Management Inc. now owns 15,294 shares of the bank’s stock worth $491,000 after buying an additional 2,099 shares during the last quarter. Stratos Wealth Partners LTD. grew its stake in shares of TowneBank by 17.8% during the first quarter. Stratos Wealth Partners LTD. now owns 14,653 shares of the bank’s stock worth $419,000 after buying an additional 2,209 shares during the last quarter. Metropolitan Life Insurance Co. NY grew its stake in shares of TowneBank by 11.9% during the second quarter. Metropolitan Life Insurance Co. NY now owns 21,721 shares of the bank’s stock worth $697,000 after buying an additional 2,302 shares during the last quarter. Finally, Citigroup Inc. grew its stake in shares of TowneBank by 18.5% during the first quarter. Citigroup Inc. now owns 14,816 shares of the bank’s stock worth $424,000 after buying an additional 2,309 shares during the last quarter. 44.20% of the stock is currently owned by hedge funds and other institutional investors.
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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