Brokerages Expect TowneBank (NASDAQ:TOWN) Will Post Quarterly Sales of $146.29 Million

Wall Street brokerages predict that TowneBank (NASDAQ:TOWN) will post sales of $146.29 million for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for TowneBank’s earnings, with the highest sales estimate coming in at $147.20 million and the lowest estimate coming in at $145.37 million. TowneBank posted sales of $137.91 million during the same quarter last year, which would suggest a positive year over year growth rate of 6.1%. The business is scheduled to issue its next quarterly earnings results on Thursday, October 24th.

On average, analysts expect that TowneBank will report full year sales of $563.84 million for the current financial year, with estimates ranging from $560.48 million to $567.20 million. For the next fiscal year, analysts expect that the business will report sales of $581.55 million, with estimates ranging from $575.79 million to $587.30 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover TowneBank.

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

TOWN has been the subject of several recent analyst reports. Piper Jaffray Companies initiated coverage on shares of TowneBank in a report on Tuesday, July 16th. They set a “neutral” rating and a $27.00 price objective for the company. Zacks Investment Research raised shares of TowneBank from a “sell” rating to a “hold” rating in a report on Wednesday. ValuEngine raised shares of TowneBank from a “sell” rating to a “hold” rating in a report on Monday, July 29th. Finally, BidaskClub raised shares of TowneBank from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Five equities research analysts have rated the stock with a hold rating, The stock currently has a consensus rating of “Hold” and an average target price of $29.00.

Shares of NASDAQ TOWN traded up $0.75 during trading hours on Monday, hitting $26.70. 144,100 shares of the stock were exchanged, compared to its average volume of 132,493. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 0.99. The company’s 50 day moving average is $27.27 and its 200 day moving average is $26.66. The firm has a market capitalization of $1.89 billion, a P/E ratio of 13.48 and a beta of 1.07. TowneBank has a one year low of $22.88 and a one year high of $33.20.

Institutional investors have recently modified their holdings of the business. Royal Bank of Canada boosted its stake in shares of TowneBank by 96.8% in the 2nd quarter. Royal Bank of Canada now owns 64,419 shares of the bank’s stock valued at $1,757,000 after purchasing an additional 31,685 shares during the last quarter. Nuveen Asset Management LLC bought a new position in shares of TowneBank in the 2nd quarter valued at about $7,530,000. UBS Asset Management Americas Inc. boosted its stake in shares of TowneBank by 10.9% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 48,351 shares of the bank’s stock valued at $1,319,000 after purchasing an additional 4,735 shares during the last quarter. Cubist Systematic Strategies LLC boosted its stake in shares of TowneBank by 20.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 10,336 shares of the bank’s stock valued at $282,000 after purchasing an additional 1,727 shares during the last quarter. Finally, AQR Capital Management LLC bought a new position in shares of TowneBank in the 2nd quarter valued at about $203,000. 46.16% of the stock is owned by hedge funds and other institutional investors.

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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