Revenue Update on TowneBank(NASDAQ:TOWN)

TowneBank(NASDAQ:TOWN) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during Pre-market on Jul 28, 2016. Company reported revenue of $84.25M. Analysts estimated a revenue of $81.48M. Earnings per share were $0.36. Analysts had estimated an EPS of $0.35.

TowneBank (TOWN) made into the market gainers list on Thursdays trading session with the shares advancing 0.48% or 0.11 points. Due to strong positive momentum, the stock ended at $22.82, which is also near the day’s high of $22.84. The stock began the session at $22.7 and the volume stood at 78,029 shares. The 52-week high of the shares is $23.36 and the 52 week low is $16.5. The company has a current market capitalization of $1,179 M and it has 5,16,67,040 shares in outstanding.

TowneBank offers retail and commercial banking services to the Greater Hampton Roads region in southeastern Virginia and northeastern North Carolina. The Banking segment provides loan and deposit services to retail and commercial customers. It also provides commercial mortgage brokerage services and a variety of investment and asset management services. The Realty segment provides complete residential real estate services originations of a variety of mortgage loans resort property management and commercial residential title insurance. The Insurance segment provides property and casualty insurance as well as employee and group benefits through Towne Insurance and TFA Benefits. Through Towne Insurance it offers a full line of commercial and consumer insurance products and financial services. Through TFA Benefits it offers health life dental vision and disability plans to employers brokers and individuals.

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