Towne Bank (TOWN) Coverage Initiated by Analysts at Brean Capital

Brean Capital initiated coverage on shares of Towne Bank (NASDAQ:TOWN) in a research report sent to investors on Friday morning, MarketBeat.com reports. The firm issued a hold rating on the bank’s stock.

Other equities analysts have also recently issued reports about the stock. Piper Jaffray Companies set a $34.00 price objective on shares of Towne Bank and gave the stock a hold rating in a research report on Tuesday, October 31st. Zacks Investment Research upgraded shares of Towne Bank from a sell rating to a hold rating in a research report on Wednesday, September 27th.

Towne Bank (NASDAQ:TOWN) opened at $33.45 on Friday. The company has a market cap of $2,096.16, a P/E ratio of 22.18 and a beta of 0.98. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 0.47. Towne Bank has a 12-month low of $28.55 and a 12-month high of $35.30.

Towne Bank (NASDAQ:TOWN) last issued its earnings results on Thursday, October 26th. The bank reported $0.44 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.01). The firm had revenue of $115.34 million during the quarter, compared to analyst estimates of $118.96 million. Towne Bank had a net margin of 19.55% and a return on equity of 8.49%. sell-side analysts predict that Towne Bank will post 1.57 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 12th. Investors of record on Friday, December 29th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date is Thursday, December 28th. Towne Bank’s dividend payout ratio is 36.84%.

A number of hedge funds have recently added to or reduced their stakes in TOWN. SG Americas Securities LLC bought a new stake in Towne Bank during the 2nd quarter worth approximately $144,000. US Bancorp DE grew its holdings in Towne Bank by 1,216.4% during the 2nd quarter. US Bancorp DE now owns 5,055 shares of the bank’s stock worth $156,000 after acquiring an additional 4,671 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Towne Bank by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 6,355 shares of the bank’s stock worth $196,000 after acquiring an additional 952 shares during the last quarter. Verity Asset Management Inc. bought a new stake in Towne Bank during the 3rd quarter worth approximately $210,000. Finally, Amalgamated Bank grew its holdings in Towne Bank by 1.6% during the 2nd quarter. Amalgamated Bank now owns 7,135 shares of the bank’s stock worth $220,000 after acquiring an additional 114 shares during the last quarter. Institutional investors and hedge funds own 44.33% of the company’s stock.

TRADEMARK VIOLATION WARNING: This piece of content was reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are reading this piece of content on another publication, it was stolen and republished in violation of U.S. and international trademark and copyright laws. The correct version of this piece of content can be viewed at https://www.dispatchtribunal.com/2017/12/05/towne-bank-town-coverage-initiated-by-analysts-at-brean-capital.html.

Towne Bank Company Profile

TowneBank is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three segments: Banking, Realty and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. The Realty segment provides residential real estate services, originations of a range of mortgage loans, resort property management, and residential and commercial title insurance.

Receive News & Ratings for Towne Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Towne Bank and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply