Brean Capital Reaffirms Hold Rating for TowneBank (TOWN)

Brean Capital reaffirmed their hold rating on shares of TowneBank (NASDAQ:TOWN) in a report issued on Thursday morning.

Several other research analysts also recently issued reports on the company. Piper Jaffray reaffirmed a hold rating and set a $35.00 price target on shares of TowneBank in a research note on Tuesday, January 9th. BidaskClub downgraded TowneBank from a sell rating to a strong sell rating in a research note on Friday, January 26th. Zacks Investment Research raised TowneBank from a hold rating to a buy rating and set a $35.00 price target for the company in a research note on Wednesday, January 31st. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $35.00 price target on shares of TowneBank in a research note on Friday, December 22nd. Finally, Sandler O’Neill reissued a hold rating and issued a $32.00 target price on shares of TowneBank in a research note on Tuesday, February 6th. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. TowneBank has an average rating of Hold and an average price target of $34.25.

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NASDAQ:TOWN opened at $28.35 on Thursday. The firm has a market cap of $2,042.90, a PE ratio of 18.17 and a beta of 1.00. TowneBank has a 52-week low of $27.85 and a 52-week high of $35.30.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings results on Thursday, January 25th. The bank reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.01. The business had revenue of $109.14 million during the quarter, compared to the consensus estimate of $108.16 million. TowneBank had a return on equity of 8.73% and a net margin of 17.77%. research analysts forecast that TowneBank will post 1.98 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 10th. Investors of record on Thursday, March 29th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.98%. The ex-dividend date is Wednesday, March 28th. TowneBank’s payout ratio is 35.90%.

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in TowneBank by 3.3% in the 4th quarter. BlackRock Inc. now owns 3,732,771 shares of the bank’s stock valued at $114,782,000 after purchasing an additional 117,629 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in TowneBank by 6.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,946,454 shares of the bank’s stock valued at $65,206,000 after purchasing an additional 122,476 shares during the last quarter. Bank of New York Mellon Corp raised its stake in TowneBank by 2.6% in the 4th quarter. Bank of New York Mellon Corp now owns 596,930 shares of the bank’s stock valued at $18,355,000 after purchasing an additional 15,130 shares during the last quarter. Geode Capital Management LLC raised its stake in TowneBank by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 533,828 shares of the bank’s stock valued at $16,414,000 after purchasing an additional 12,601 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in TowneBank by 0.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 356,478 shares of the bank’s stock valued at $11,943,000 after purchasing an additional 2,400 shares during the last quarter. 38.72% of the stock is owned by hedge funds and other institutional investors.

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About TowneBank

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, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.

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