TowneBank (TOWN) shares plummeted 5.8% on Wednesday, October 24, after the regional bank reported mixed results for the third quarter of 2024.
While the company's earnings per share (EPS) of $0.58 beat analysts' expectations of $0.56, its revenue of $174.52 million fell short of the projected $180.35 million. The bank reported net income of $42.95 million for the quarter.
Analysts had a mixed reaction to the results, with two analysts revising their earnings estimates downward in the last 30 days. However, the current average analyst rating on the stock remains a "buy," with a median 12-month price target of $36.50.
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