Zacks: Analysts Anticipate TowneBank (NASDAQ:TOWN) Will Post Earnings of $0.52 Per Share

Analysts expect TowneBank (NASDAQ:TOWN) to announce earnings of $0.52 per share for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for TowneBank’s earnings. The lowest EPS estimate is $0.51 and the highest is $0.52. TowneBank reported earnings per share of $0.54 during the same quarter last year, which would suggest a negative year over year growth rate of 3.7%. The business is scheduled to issue its next earnings results on Thursday, October 24th.

On average, analysts expect that TowneBank will report full-year earnings of $1.87 per share for the current fiscal year, with EPS estimates ranging from $1.84 to $1.90. For the next financial year, analysts anticipate that the company will report earnings of $1.95 per share, with EPS estimates ranging from $1.90 to $2.00. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side analysts that that provide coverage for TowneBank.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings data on Thursday, July 25th. The bank reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.04). The company had revenue of $144.54 million for the quarter, compared to analysts’ expectations of $140.67 million. TowneBank had a return on equity of 9.16% and a net margin of 21.63%.

A number of analysts recently commented on TOWN shares. Piper Jaffray Companies started coverage on TowneBank in a research report on Tuesday, July 16th. They set a “neutral” rating and a $27.00 price objective for the company. Zacks Investment Research upgraded TowneBank from a “sell” rating to a “hold” rating in a research report on Wednesday. ValuEngine upgraded TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. Finally, BidaskClub upgraded TowneBank from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. Five investment analysts have rated the stock with a hold rating, TowneBank currently has an average rating of “Hold” and a consensus price target of $29.00.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC grew its holdings in shares of TowneBank by 9.0% during the 4th quarter. Geode Capital Management LLC now owns 790,500 shares of the bank’s stock worth $18,932,000 after purchasing an additional 65,244 shares during the period. Weather Gauge Advisory LLC grew its holdings in shares of TowneBank by 2.0% during the 1st quarter. Weather Gauge Advisory LLC now owns 51,335 shares of the bank’s stock worth $1,271,000 after purchasing an additional 996 shares during the period. Denali Advisors LLC purchased a new stake in shares of TowneBank during the 1st quarter worth about $131,000. BB&T Corp grew its holdings in shares of TowneBank by 0.4% during the 1st quarter. BB&T Corp now owns 411,100 shares of the bank’s stock worth $10,175,000 after purchasing an additional 1,716 shares during the period. Finally, D. E. Shaw & Co. Inc. grew its holdings in shares of TowneBank by 106.4% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 26,454 shares of the bank’s stock worth $634,000 after purchasing an additional 13,640 shares during the period. Institutional investors own 46.16% of the company’s stock.

TowneBank stock traded down $0.08 during midday trading on Friday, reaching $26.15. 2,363 shares of the company were exchanged, compared to its average volume of 131,187. The firm has a market capitalization of $1.93 billion, a P/E ratio of 13.25 and a beta of 1.07. The company’s 50-day moving average is $27.30. TowneBank has a 1 year low of $22.88 and a 1 year high of $33.20. The company has a quick ratio of 0.99, a current ratio of 1.02 and a debt-to-equity ratio of 0.47.

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, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.

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Earnings History and Estimates for TowneBank (NASDAQ:TOWN)

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