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.
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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.
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