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TowneBank

Nasdaq:TOWN
Snowflake Description

Flawless balance sheet with proven track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TOWN
Nasdaq
$2B
Market Cap
  1. Home
  2. US
  3. Banks
Company description

TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The last earnings update was 35 days ago. More info.


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TOWN Share Price and Events
7 Day Returns
2.6%
NasdaqGS:TOWN
0%
US Banks
1.5%
US Market
1 Year Returns
-17.7%
NasdaqGS:TOWN
-8.3%
US Banks
1%
US Market
TOWN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
TowneBank (TOWN) 2.6% 3.6% 1.4% -17.7% 28.6% 62.9%
US Banks 0% -0.8% -2.7% -8.3% 46.1% 40.5%
US Market 1.5% 1% 1.4% 1% 37.6% 38.1%
1 Year Return vs Industry and Market
  • TOWN underperformed the Banks industry which returned -8.3% over the past year.
  • TOWN underperformed the Market in United States of America which returned 1% over the past year.
Price Volatility
TOWN
Industry
5yr Volatility vs Market

Value

 Is TowneBank undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of TowneBank to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for TowneBank.

NasdaqGS:TOWN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $23.05 * 8.4%
$1.93
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. $23.05
Discount Rate (Cost of Equity) See below 8.1%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:TOWN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.591 (1 + (1- 21%) (55.95%))
0.901
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.9
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.901 * 5.96%)
8.1%

Discounted Cash Flow Calculation for NasdaqGS:TOWN using Excess Returns Model Model

The calculations below outline how an intrinsic value for TowneBank is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqGS:TOWN Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (8.4% – 8.1%) * $23.05)
$0.07
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.07 / (8.1% - 2.73%)
$1.24
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $23.05 + $1.24
$24.29
NasdaqGS:TOWN Discount to Share Price
Calculation Result
Value per share (USD) From above. $24.29
Current discount Discount to share price of $26.83
= -1 x ($26.83 - $24.29) / $24.29
-10.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of TowneBank is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for TowneBank's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are TowneBank's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:TOWN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.95
NasdaqGS:TOWN Share Price ** NasdaqGS (2019-06-14) in USD $26.83
United States of America Banks Industry PE Ratio Median Figure of 600 Publicly-Listed Banks Companies 12.69x
United States of America Market PE Ratio Median Figure of 3,092 Publicly-Listed Companies 17.72x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of TowneBank.

NasdaqGS:TOWN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:TOWN Share Price ÷ EPS (both in USD)

= 26.83 ÷ 1.95

13.73x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TowneBank is overvalued based on earnings compared to the US Banks industry average.
  • TowneBank is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does TowneBank's expected growth come at a high price?
Raw Data
NasdaqGS:TOWN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.73x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
3.6%per year
United States of America Banks Industry PEG Ratio Median Figure of 271 Publicly-Listed Banks Companies 1.37x
United States of America Market PEG Ratio Median Figure of 2,124 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

NasdaqGS:TOWN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.73x ÷ 3.6%

3.77x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TowneBank is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on TowneBank's assets?
Raw Data
NasdaqGS:TOWN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $21.63
NasdaqGS:TOWN Share Price * NasdaqGS (2019-06-14) in USD $26.83
United States of America Banks Industry PB Ratio Median Figure of 603 Publicly-Listed Banks Companies 1.2x
United States of America Market PB Ratio Median Figure of 5,242 Publicly-Listed Companies 1.8x
NasdaqGS:TOWN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:TOWN Share Price ÷ Book Value per Share (both in USD)

= 26.83 ÷ 21.63

1.24x

* Primary Listing of TowneBank.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TowneBank is overvalued based on assets compared to the US Banks industry average.
X
Value checks
We assess TowneBank's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. TowneBank has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is TowneBank expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
3.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is TowneBank expected to grow at an attractive rate?
  • TowneBank's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • TowneBank's earnings growth is positive but not above the United States of America market average.
  • TowneBank's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:TOWN Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:TOWN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 3.6%
NasdaqGS:TOWN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 4%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 3.8%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.8%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:TOWN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:TOWN Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 574 148 3
2019-12-31 555 141 3
NasdaqGS:TOWN Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 532 264 140
2018-12-31 524 307 134
2018-09-30 503 140 110
2018-06-30 481 168 99
2018-03-31 466 69 90
2017-12-31 444 141 88
2017-09-30 435 219 94
2017-06-30 428 182 91
2017-03-31 392 300 71
2016-12-31 369 185 67
2016-09-30 339 154 61
2016-06-30 308 188 54

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • TowneBank's earnings are expected to grow by 3.6% yearly, however this is not considered high growth (20% yearly).
  • TowneBank's revenue is expected to grow by 4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:TOWN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from TowneBank Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:TOWN Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 2.05 2.10 2.00 3.00
2019-12-31 1.96 2.00 1.94 3.00
NasdaqGS:TOWN Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.95
2018-12-31 1.88
2018-09-30 1.60
2018-06-30 1.49
2018-03-31 1.41
2017-12-31 1.41
2017-09-30 1.52
2017-06-30 1.47
2017-03-31 1.20
2016-12-31 1.18
2016-09-30 1.12
2016-06-30 1.05

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if TowneBank will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess TowneBank's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
TowneBank has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has TowneBank performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare TowneBank's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • TowneBank has delivered over 20% year on year earnings growth in the past 5 years.
  • TowneBank's 1-year earnings growth exceeds its 5-year average (55.4% vs 24.6%)
  • TowneBank's earnings growth has exceeded the US Banks industry average in the past year (55.4% vs 39.5%).
Earnings and Revenue History
TowneBank's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from TowneBank Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:TOWN Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 532.22 140.50 258.86
2018-12-31 524.13 133.79 255.15
2018-09-30 503.27 110.14 247.49
2018-06-30 481.24 98.99 238.93
2018-03-31 465.51 90.40 231.26
2017-12-31 443.82 87.66 220.24
2017-09-30 435.38 94.33 221.30
2017-06-30 428.48 91.35 218.51
2017-03-31 392.36 71.40 200.45
2016-12-31 368.74 67.25 186.08
2016-09-30 339.46 60.72 172.09
2016-06-30 307.56 54.11 156.94
2016-03-31 301.66 65.66 153.16
2015-12-31 294.70 62.37 150.46
2015-09-30 283.68 56.95 140.72
2015-06-30 270.02 51.32 136.39
2015-03-31 256.43 44.99 133.49
2014-12-31 241.97 41.40 130.23
2014-09-30 237.11 43.84 126.76
2014-06-30 233.89 40.99 126.78
2014-03-31 231.77 39.36 126.57
2013-12-31 230.18 37.54 126.24
2013-09-30 228.11 36.32 125.75
2013-06-30 223.34 35.23 122.19
2013-03-31 217.08 33.30 118.12
2012-12-31 212.32 31.71 115.34
2012-09-30 208.89 30.29 111.69
2012-06-30 204.21 27.19 108.99

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • TowneBank has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • TowneBank used its assets more efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if TowneBank improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess TowneBank's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
TowneBank has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is TowneBank's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of TowneBank's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from TowneBank Company Filings, last reported 2 months ago.

NasdaqGS:TOWN Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,565.66 1,078.47 905.22
2018-12-31 1,538.42 1,095.84 661.17
2018-09-30 1,499.82 1,167.57 712.46
2018-06-30 1,476.79 1,173.49 462.52
2018-03-31 1,449.35 1,185.00 488.88
2017-12-31 1,142.51 799.27 469.81
2017-09-30 1,140.85 797.58 656.12
2017-06-30 1,123.00 555.79 476.73
2017-03-31 1,101.25 722.68 429.04
2016-12-31 1,086.56 720.70 99.77
2016-09-30 1,078.88 461.71 160.13
2016-06-30 1,061.55 544.81 228.96
2016-03-31 836.00 468.38 196.17
2015-12-31 820.19 466.51 235.56
2015-09-30 816.07 471.07 285.63
2015-06-30 802.89 473.32 185.11
2015-03-31 791.58 435.09 145.22
2014-12-31 618.28 430.07 199.03
2014-09-30 613.41 423.07 231.89
2014-06-30 604.81 422.15 269.02
2014-03-31 593.41 426.43 236.98
2013-12-31 585.32 442.75 194.97
2013-09-30 577.41 437.57 163.79
2013-06-30 571.39 437.53 160.56
2013-03-31 566.90 393.77 275.37
2012-12-31 559.88 392.05 128.84
2012-09-30 553.61 390.13 288.35
2012-06-30 547.00 290.56 185.80
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • TowneBank has an acceptable proportion of non-loan assets held.
  • TowneBank's liabilities are made up of primarily low risk sources of funding.
  • Loans at TowneBank are broadly funded by customer deposits.
  • TowneBank's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • TowneBank has a sufficient allowance for bad loans.
  • TowneBank has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess TowneBank's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. TowneBank has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is TowneBank's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.68%
Current annual income from TowneBank dividends. Estimated to be 2.58% next year.
If you bought $2,000 of TowneBank shares you are expected to receive $54 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • TowneBank's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • TowneBank's dividend is below the markets top 25% of dividend payers in United States of America (3.72%).
Upcoming dividend payment

Purchase TowneBank before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:TOWN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 478 Stocks 2.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:TOWN Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.70 3.00
2019-12-31 0.69 3.00
NasdaqGS:TOWN Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-22 0.720 2.751
2019-02-27 0.640 2.446
2018-11-28 0.640 2.462
2018-08-23 0.640 2.154
2018-05-23 0.640 1.963
2018-05-10 0.560 1.787
2018-04-25 0.560 1.839
2017-11-22 0.560 1.841
2017-08-28 0.560 1.707
2017-05-24 0.560 1.833
2017-02-22 0.520 1.632
2016-11-23 0.520 1.591
2016-08-24 0.520 2.094
2016-05-18 0.520 2.329
2016-02-24 0.480 2.471
2015-11-25 0.480 2.458
2015-08-26 0.480 2.396
2015-05-20 0.480 2.845
2015-02-27 0.440 2.730
2015-02-03 0.440 2.917
2014-08-28 0.440 2.987
2014-05-21 0.440 2.864
2014-02-26 0.400 2.602
2013-11-27 0.400 2.657
2013-08-28 0.400 2.723
2013-05-30 0.360 2.360
2013-02-28 0.360 2.461
2012-11-28 0.360 2.381
2012-11-08 0.311 2.155
2012-10-24 0.311 2.051
2012-08-07 0.311 2.054
2012-07-26 0.311 2.173
2012-05-30 0.320 2.350
2012-05-07 0.311 2.561
2012-04-24 0.311 2.511
2012-02-22 0.311 2.396
2012-01-31 0.303 2.238
2011-11-28 0.311 2.537
2011-11-07 0.311 2.626
2011-10-28 0.311 2.583
2011-08-26 0.311 2.709
2011-08-08 0.311 2.820
2011-07-28 0.311 2.567
2011-05-23 0.311 2.400
2011-05-09 0.311 2.357
2011-05-04 0.311 2.275
2011-02-24 0.311 2.155
2011-01-31 0.311 2.151
2010-11-29 0.311 1.994
2010-11-09 0.311 2.069
2010-11-08 0.311 2.013
2010-08-25 0.311 2.131
2010-08-19 0.311 2.200
2010-07-29 0.311 2.151
2010-05-27 0.311 2.174
2010-05-06 0.311 2.025
2010-04-22 0.311 1.968
2010-02-25 0.311 2.208
2010-01-28 0.311 2.821
2009-11-30 0.311 2.764
2009-11-05 0.311 2.646
2009-08-26 0.311 2.569
2009-08-05 0.311 2.415
2009-07-23 0.311 2.403

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of TowneBank's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess TowneBank's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can TowneBank afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. TowneBank has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of TowneBank's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
J. Davis
COMPENSATION $2,090,269
AGE 67
TENURE AS CEO 1.3 years
CEO Bio

Mr. J. Morgan Davis has been Chief Executive Officer, President TowneBank since March 2018.And he was Chief Banking Officer at TowneBank since March 2018. Mr. Davis served as the President and Chief Banking Officer of TowneBank from July 1, 2011 to March 2018. Mr. Davis is a 37-year banking veteran and served as the founding president of a local banking institution for 13 years. He provides vital senior management experience and business acumen. He served as the Chief Executive Officer and President of Towne Financial Services Group at TowneBank from February 2005 to July 2011. He served as the President of Cenit Bank of Virginia Beach from August 1985 to April 1998. He served as President of TowneBank of Virginia Beach from May 1999 to March 2005. He has served as a key negotiator in several of TowneBank’s acquisitions and has served on the boards of several prominent community organizations. He has been a Director of TowneBank since 1999. He serves as a Director of TowneBank Chesapeake, TowneBank of Currituck, TowneBank Norfolk, TowneBank Peninsula, TowneBank Portsmouth/Suffolk, TowneBank Richmond, TowneBank Virginia Beach and TowneBank Williamsburg.

CEO Compensation
  • J.'s compensation has been consistent with company performance over the past year, both up more than 20%.
  • J.'s remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the TowneBank management team in years:

2.7
Average Tenure
62
Average Age
  • The tenure for the TowneBank management team is about average.
Management Team

Bob Aston

TITLE
Executive Chairman
COMPENSATION
$2M
AGE
73

J. Davis

TITLE
President
COMPENSATION
$2M
AGE
67
TENURE
1.3 yrs

Bill Littreal

TITLE
Senior EVP
COMPENSATION
$1M
AGE
48
TENURE
1.3 yrs

Brad Schwartz

TITLE
Senior EVP
COMPENSATION
$1M
AGE
55
TENURE
3 yrs

Will Morrison

TITLE
Director
COMPENSATION
$2M
AGE
55

Kevin Fly

TITLE
Senior EVP & Chief Accounting Officer
AGE
52
TENURE
1.1 yrs

George Whitley

TITLE
Chief Legal Officer & Senior EVP of Virginia Business
AGE
65
TENURE
2.7 yrs

Una Oliver

TITLE
Senior EVP
AGE
66
TENURE
20.4 yrs

Thomas Hasty

TITLE
Senior Executive Vice President of Risk Management
AGE
62
TENURE
20.4 yrs

Shirley Sasser

TITLE
Senior VP & Director of Corporate Sales
Board of Directors Tenure

Average tenure and age of the TowneBank board of directors in years:

17.3
Average Tenure
67.5
Average Age
  • The average tenure for the TowneBank board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Bob Aston

TITLE
Executive Chairman
COMPENSATION
$2M
AGE
73
TENURE
21.4 yrs

J. Davis

TITLE
President
COMPENSATION
$2M
AGE
67
TENURE
20.4 yrs

John Failes

TITLE
Vice Chairman of the Board
COMPENSATION
$55K
AGE
73

Jeff Benson

TITLE
Vice Chairman of the Board
COMPENSATION
$53K
AGE
56
TENURE
3 yrs

Jackie Amato

TITLE
Director
COMPENSATION
$4M
AGE
68

Brad Schwartz

TITLE
Senior EVP
COMPENSATION
$1M
AGE
55
TENURE
3 yrs

Bill Foster

TITLE
President of Commercial and Real Estate Banking & Director
AGE
62
TENURE
14.1 yrs

Gordon Gentry

TITLE
Chairman of TowneBank Peninsula
COMPENSATION
$53K
AGE
81

Will Morrison

TITLE
Director
COMPENSATION
$2M
AGE
55

William Lewis

TITLE
Director
COMPENSATION
$49K
AGE
72
TENURE
20.4 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by TowneBank insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
28. May 19 Sell Richard Bray Individual 23. May 19 23. May 19 -1,440 $26.00 $-37,440
01. May 19 Buy Una Oliver Individual 30. Apr 19 30. Apr 19 20 $26.08 $522
01. May 19 Sell Andrew Fine Individual 29. Apr 19 29. Apr 19 -1,136 $26.43 $-30,024
29. Apr 19 Buy Richard Bray Individual 25. Apr 19 25. Apr 19 16 $26.36 $422
29. Apr 19 Buy Jacqueline Amato Individual 25. Apr 19 25. Apr 19 14 $26.36 $369
29. Apr 19 Buy John Lawson Individual 25. Apr 19 25. Apr 19 8,523 $26.36 $224,666
29. Apr 19 Buy Keith Horton Individual 25. Apr 19 25. Apr 19 14 $26.36 $369
29. Apr 19 Buy Dawn Glynn Individual 25. Apr 19 25. Apr 19 2 $26.36 $53
29. Apr 19 Buy J. Davis Individual 25. Apr 19 25. Apr 19 198 $26.36 $5,219
16. Apr 19 Sell William Littreal Individual 01. Apr 19 01. Apr 19 -502 $25.41 $-12,756
16. Apr 19 Buy G. Aston Individual 27. Mar 19 27. Mar 19 60,460 $24.81 $1,500,013
12. Apr 19 Buy Keith Horton Individual 25. Mar 19 25. Mar 19 2 $26.54 $53
12. Apr 19 Buy William Littreal Individual 20. Mar 19 20. Mar 19 10 $25.62 $256
12. Apr 19 Buy Una Oliver Individual 25. Mar 19 25. Mar 19 2 $26.54 $53
10. Apr 19 Sell William Foster Individual 18. Mar 19 18. Mar 19 -350 $26.70 $-9,345
10. Apr 19 Buy Robert Oman Individual 18. Mar 19 18. Mar 19 1,285 $27.48 $35,312
10. Apr 19 Sell Brian Skinner Individual 15. Mar 19 15. Mar 19 -100 $26.45 $-2,645
10. Apr 19 Sell Dawn Glynn Individual 18. Mar 19 18. Mar 19 -280 $26.70 $-7,476
10. Apr 19 Sell Keith Horton Individual 18. Mar 19 18. Mar 19 -288 $26.45 $-7,618
10. Apr 19 Sell William Littreal Individual 15. Mar 19 15. Mar 19 -233 $26.45 $-6,163
10. Apr 19 Sell Una Oliver Individual 18. Mar 19 18. Mar 19 -219 $26.70 $-5,847
10. Apr 19 Sell G. Aston Individual 15. Mar 19 15. Mar 19 -465 $26.45 $-12,299
10. Apr 19 Sell Philip Rudisill Individual 18. Mar 19 18. Mar 19 -327 $26.70 $-8,731
10. Apr 19 Sell J. Davis Individual 15. Mar 19 15. Mar 19 -367 $26.45 $-9,707
10. Apr 19 Buy Elizabeth Patterson Individual 18. Mar 19 18. Mar 19 1,484 $27.48 $40,780
10. Apr 19 Sell Kevin Fly Individual 18. Mar 19 18. Mar 19 -42 $26.70 $-1,121
09. Apr 19 Buy William Foster Individual 01. Mar 19 01. Mar 19 2,461 $28.34 $69,745
09. Apr 19 Buy Brad Schwartz Individual 01. Mar 19 01. Mar 19 6,653 $28.34 $188,546
09. Apr 19 Sell G. Aston Individual 01. Mar 19 01. Mar 19 -1,740 $27.69 $-48,181
26. Feb 19 Buy Richard Bray Individual 25. Feb 19 25. Feb 19 2 $28.31 $57
21. Feb 19 Sell Brian Skinner Individual 19. Feb 19 19. Feb 19 -121 $28.22 $-3,415
21. Feb 19 Sell Kevin Fly Individual 20. Feb 19 20. Feb 19 -65 $28.27 $-1,838
21. Feb 19 Sell George Whitley Individual 19. Feb 19 19. Feb 19 -173 $28.22 $-4,882
21. Feb 19 Sell Brad Schwartz Individual 19. Feb 19 19. Feb 19 -401 $28.22 $-11,316
21. Feb 19 Sell Philip Rudisill Individual 19. Feb 19 19. Feb 19 -135 $28.22 $-3,810
21. Feb 19 Sell Una Oliver Individual 19. Feb 19 19. Feb 19 -111 $28.22 $-3,132
21. Feb 19 Sell William Littreal Individual 19. Feb 19 19. Feb 19 -902 $28.22 $-25,454
21. Feb 19 Sell Keith Horton Individual 19. Feb 19 19. Feb 19 -119 $28.22 $-3,358
21. Feb 19 Sell J. Davis Individual 19. Feb 19 19. Feb 19 -491 $28.22 $-13,856
21. Feb 19 Sell G. Aston Individual 19. Feb 19 19. Feb 19 -594 $28.22 $-16,763
21. Feb 19 Sell Dawn Glynn Individual 20. Feb 19 20. Feb 19 -339 $28.27 $-9,584
21. Feb 19 Sell William Foster Individual 20. Feb 19 20. Feb 19 -417 $28.27 $-11,789
12. Feb 19 Sell Kevin Fly Individual 11. Feb 19 11. Feb 19 -50 $26.55 $-1,328
31. Jan 19 Sell Andrew Fine Individual 28. Jan 19 28. Jan 19 -200 $25.50 $-5,100
29. Jan 19 Buy William Morrison Individual 28. Jan 19 28. Jan 19 2,000 $25.54 $51,080
08. Jan 19 Buy Douglas Ellis Individual 17. Dec 18 17. Dec 18 100 $25.80 $2,580
08. Jan 19 Buy Bradford Cherry Individual 18. Dec 18 18. Dec 18 162 $25.50 $4,131
08. Jan 19 Sell Andrew Fine Individual 04. Dec 18 04. Dec 18 -189 $28.30 $-5,262
18. Dec 18 Sell Richard Bray Individual 17. Dec 18 17. Dec 18 -2,800 $25.26 $-70,728
14. Dec 18 Sell William Foster Individual 11. Dec 18 11. Dec 18 -447 $25.78 $-11,524
04. Dec 18 Sell George Whitley Individual 03. Dec 18 03. Dec 18 -473 $28.50 $-13,481
16. Nov 18 Sell William Foster Individual 16. Nov 18 16. Nov 18 -715 $27.81 $-19,884
05. Nov 18 Sell Edward Baynor Individual 30. Oct 18 31. Oct 18 -1,979 $28.22 $-55,687
02. Nov 18 Sell Robert Oman Individual 01. Nov 18 01. Nov 18 -5,700 $28.10 $-160,170
02. Nov 18 Sell Robert Oman Individual 02. Nov 18 02. Nov 18 -5,819 $27.78 $-161,652
31. Oct 18 Buy George Whitley Individual 30. Oct 18 30. Oct 18 5,300 $28.15 $149,195
29. Oct 18 Buy Alan Witt Individual 29. Oct 18 29. Oct 18 3,900 $27.75 $107,883
29. Oct 18 Sell Robert Hatley Individual 01. Aug 18 06. Aug 18 -56,062 $32.45 $-1,798,701
24. Oct 18 Buy Una Oliver Individual 22. Oct 18 22. Oct 18 1 $30.43 $30
24. Oct 18 Buy David Patterson Individual 22. Oct 18 22. Oct 18 4 $30.43 $122
24. Oct 18 Buy Philip Rudisill Individual 22. Oct 18 22. Oct 18 10 $30.43 $304
24. Oct 18 Buy Richard Thurmond Individual 22. Oct 18 22. Oct 18 49 $30.43 $1,491
15. Oct 18 Buy William Morrison Individual 27. Apr 18 12. Sep 18 93 $31.75 $2,885
21. Sep 18 Sell Gordon Gentry Individual 20. Aug 18 21. Aug 18 -2,000 $32.90 $-65,550
21. Sep 18 Buy R. Morgan Individual 20. Sep 18 20. Sep 18 3 $31.71 $95
17. Sep 18 Sell William Foster Individual 17. Sep 18 17. Sep 18 -400 $31.80 $-12,720
12. Sep 18 Sell Robert Hatley Individual 07. Sep 18 07. Sep 18 -11,000 $31.89 $-350,790
29. Aug 18 Sell William Foster Individual 28. Aug 18 28. Aug 18 -440 $32.40 $-14,256
27. Aug 18 Buy John Lawson Individual 10. Jul 18 10. Jul 18 156 $33.61 $5,243
10. Aug 18 Buy Alan Witt Individual 08. Aug 18 08. Aug 18 15 $32.40 $486
10. Aug 18 Buy Andrew Fine Individual 08. Aug 18 08. Aug 18 15 $32.40 $486
10. Aug 18 Buy Douglas Ellis Individual 08. Aug 18 08. Aug 18 15 $32.40 $486
10. Aug 18 Buy Howard Jung Individual 08. Aug 18 08. Aug 18 9 $32.40 $292
16. Jul 18 Buy John Lawson Individual 13. Jul 18 13. Jul 18 6,620 $33.25 $220,115
05. Jul 18 Sell Brad Schwartz Individual 03. Jul 18 03. Jul 18 -889 $32.50 $-28,893
13. Jul 18 Buy R. Morgan Individual 12. Jul 18 12. Jul 18 10 $33.51 $335
12. Jul 18 Buy Thomas Norment Individual 11. Jul 18 11. Jul 18 9 $33.00 $297
12. Jul 18 Buy William Lewis Individual 11. Jul 18 11. Jul 18 23 $33.00 $759
12. Jul 18 Buy Stephanie Marioneaux Individual 11. Jul 18 11. Jul 18 18 $33.00 $594
05. Jul 18 Sell Yu Li Individual 05. Jul 18 05. Jul 18 -2,000 $8.72 $-17,448
05. Jul 18 Sell William Littreal Individual 03. Jul 18 03. Jul 18 -682 $4.14 $-2,825
X
Management checks
We assess TowneBank's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. TowneBank has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Update: TowneBank (NASDAQ:TOWN) Stock Gained 69% In The Last Five Years

For example, the TowneBank (NASDAQ:TOWN) share price is up 69% in the last 5 years, clearly besting than the market return of around 38% (ignoring dividends). … During five years of share price growth, TowneBank achieved compound earnings per share (EPS) growth of 11% per year. … We note that for TowneBank the TSR over the last 5 years was 89%, which is better than the share price return mentioned above.

Simply Wall St -

Is TowneBank's (NASDAQ:TOWN) High P/E Ratio A Problem For Investors?

The formula for price to earnings is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for TowneBank: P/E of 13.52 = $26.41 ÷ $1.95 (Based on the trailing twelve months to March 2019.) Is A High P/E Ratio Good? … A higher P/E ratio means that buyers have to pay a higher price for each $1 the company has earned over the last year. … NasdaqGS:TOWN Price Estimation Relative to Market, May 13th 2019 Its P/E ratio suggests that TowneBank shareholders think that in the future it will perform about the same as other companies in its industry classification.

Simply Wall St -

Who Has Been Selling TowneBank (NASDAQ:TOWN) Shares?

So shareholders might well want to know whether insiders have been buying or selling shares in TowneBank (NASDAQ:TOWN). … In the last twelve months, the biggest single sale by an insider was when the , Robert Hatley, sold US$1.8m worth of shares at a price of US$32.45 per share. … While insider selling is a negative, to us, it is more negative if the shares are sold at a lower price.

Simply Wall St -

With EPS Growth And More, TowneBank (NASDAQ:TOWN) Is Interesting

So if you're like me, you might be more interested in profitable, growing companies, like TowneBank (NASDAQ:TOWN). … I like to take a look at earnings before interest and (EBIT) tax margins, as well as revenue growth, to get another take on the quality of the company's growth. … While we note TowneBank's EBIT margins were flat over the last year, revenue grew by a solid 18% to US$524m.

Simply Wall St -

Does TowneBank (NASDAQ:TOWN) Have A Volatile Share Price?

Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market. … In comparison a stock with a beta of over one tends to be move in a similar direction to the market in the long term, but with greater changes in price.

Simply Wall St -

Interested In TowneBank (NASDAQ:TOWN)’s Upcoming US$0.16 Dividend? You Have 4 Days Left

If you are interested in cashing in on TowneBank's (NASDAQ:TOWN) upcoming dividend of US$0.16 per share, you only have 4 days left to buy the shares before its ex-dividend date, 28 March 2019, in time for dividends payable on the 10 April 2019. … Whenever I am looking at a potential dividend stock investment, I always check these five metrics:? … Based on future earnings growth, will it be able to continue to payout dividend at the current rate

Simply Wall St -

At US$26.72, Is TowneBank (NASDAQ:TOWN) Worth Looking At Closely?

As a stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … However, could the stock still be trading at a relatively cheap price. … Today I will analyse the most recent data on TowneBank’s outlook and valuation to see if the opportunity still exists

Simply Wall St -

Three Key Risks For TowneBank (NASDAQ:TOWN) You Should Know

Its profit and value are directly impacted by its borrowers’ ability to pay which is driven by the level of economic growth. … Risk associated with repayment is measured by bad debt which is written off as an expense, impacting TowneBank’s bottom line. … Today we will analyse TowneBank’s level of bad debt and liabilities in order to understand the risk involved with investing in the bank.

Simply Wall St -

Don't Sell TowneBank (NASDAQ:TOWN) Before You Read This

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … We'll look at TowneBank's (NASDAQ:TOWN) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

How Many Insiders Bought TowneBank (NASDAQ:TOWN) Shares?

So shareholders might well want to know whether insiders have been buying or selling shares in TowneBank (NASDAQ:TOWN). … TowneBank Insider Transactions Over The Last Year. … Over the last year, we can see that the biggest insider purchase was by Robert Hatley for US$6.2m worth of shares, at about US$31.20 per share.

Simply Wall St -

Company Info

Description

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. The company also offers secured and unsecured personal loans for financing automobiles, home improvements, education, and personal investments; commercial loans for working capital, business expansion, and equipment and machinery purchases; and mortgage loans, as well as real estate acquisition, development, and construction loans. In addition, it provides other services, such as safe deposit boxes, cash management services, direct deposit of payroll and social security checks, and automatic drafts for various accounts, as well as Internet, mobile, and on-call banking services. Further, the company offers documentation services to accomplish tax deferral to investors; investment and asset management services; commercial mortgage brokerage services; and other financial services, such as financial, retirement, and estate planning services, as well as assistance on various investment options, such as alternative investments, annuities, margin accounts, convertible bonds, and pension and profit sharing plans. Additionally, it provides residential real estate, relocation, property management, vacations rental, and title and settlement services; and originates residential mortgage loans. The company offers life, property, casualty, travel, and vehicle insurance services; medical, and baggage protection insurance for travelers; and employee benefit programs, such as medical, dental, vision, and disability insurance. As of February 27, 2019, it operated 41 banking offices in Virginia and North Carolina. TowneBank was founded in 1998 and is based in Portsmouth, Virginia.

Details
Name: TowneBank
TOWN
Exchange: NasdaqGS
Founded: 1998
$1,927,550,346
71,843,099
Website: http://www.townebank.com
Address: TowneBank
5716 High Street West,
Portsmouth,
Virginia, 23703,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS TOWN Common Stock Nasdaq Global Select US USD 07. May 1999
DB 3T8 Common Stock Deutsche Boerse AG DE EUR 07. May 1999
Number of employees
Current staff
Staff numbers
2,482
TowneBank employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/14 23:47
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/06/12
Last earnings filing: 2019/05/10
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.