TowneBank reports results for the quarter ended March 31 - Earnings Summary

• TowneBank TOWN.OQ reported quarterly adjusted earnings of 68 cents​​ per share for the quarter ended March 31, higher than the same quarter last year, when the company reported EPS of 48 cents. The mean expectation of four analysts for the quarter was for earnings of 62 cents per share. Wall Street expected results to range from 56 cents to 65 cents per share.

• Revenue rose 14.9% to $192.04 million from a year ago; analysts expected $190.61 million.

• TowneBank's reported EPS for the quarter was 67 cents​.

• The company reported quarterly net income of $50.59 million.

• TowneBank shares had fallen by 5.9% this quarter and lost 5.6% so far this year.

FORECAST CHANGES

• The mean earnings estimate of analysts had risen by about 4.5% in the last three months.​

• In the last 30 days, two analysts negatively revised earnings estimates

RECOMMENDATIONS

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy," 1 "hold" and no "sell" or "strong sell." The average consensus recommendation for the banks peer group is also "buy"

• Wall Street's median 12-month price target for TowneBank is $38.50

This summary was machine generated from LSEG data April 23 at 09:49 p.m. UTC. ​All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)