Zacks Investment Research downgraded shares of TowneBank (NASDAQ:TOWN) from a hold rating to a sell rating in a report published on Tuesday.
According to Zacks, “TowneBank operates banking offices serving Chesapeake, Chesterfield County, Glen Allen, Hampton, James City County, Mechanicsville, Newport News, Norfolk, Portsmouth, Richmond, Suffolk, Virginia Beach, Williamsburg, and York County in Virginia, along with Raleigh, Cary, Charlotte, Moyock, Grandy, Camden County, Southern Shores, Corolla and Nags Head in North Carolina. Towne also offers a full range of financial services through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. “
TOWN has been the topic of a number of other reports. Brean Capital reaffirmed a hold rating on shares of TowneBank in a research report on Monday, October 29th. BidaskClub raised shares of TowneBank from a sell rating to a hold rating in a research report on Tuesday. ValuEngine downgraded shares of TowneBank from a hold rating to a sell rating in a research report on Thursday, September 27th. Piper Jaffray Companies set a $34.00 price objective on shares of TowneBank and gave the company a hold rating in a research report on Monday, July 30th. Finally, Raymond James decreased their target price on shares of TowneBank from $35.00 to $31.00 and set a buy rating for the company in a research report on Friday, October 26th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $33.80.
TOWN traded down $0.07 on Tuesday, reaching $27.94. 125,563 shares of the company traded hands, compared to its average volume of 123,205. TowneBank has a 52-week low of $25.50 and a 52-week high of $35.00. The company has a market capitalization of $2.03 billion, a PE ratio of 17.91 and a beta of 0.97. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.97 and a current ratio of 1.01.
TowneBank (NASDAQ:TOWN) last announced its quarterly earnings data on Thursday, October 25th. The bank reported $0.54 EPS for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.01. TowneBank had a net margin of 19.03% and a return on equity of 9.94%. The firm had revenue of $137.91 million for the quarter, compared to the consensus estimate of $138.83 million. On average, equities analysts forecast that TowneBank will post 2.04 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 10th. Shareholders of record on Friday, September 28th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend was Thursday, September 27th. TowneBank’s dividend payout ratio is 41.03%.
Hedge funds have recently bought and sold shares of the business. ACG Wealth bought a new stake in TowneBank in the second quarter worth approximately $203,000. Engineers Gate Manager LP bought a new stake in TowneBank in the third quarter worth approximately $302,000. Principal Financial Group Inc. bought a new stake in TowneBank in the first quarter worth approximately $290,000. Xact Kapitalforvaltning AB grew its position in TowneBank by 70.3% in the first quarter. Xact Kapitalforvaltning AB now owns 11,388 shares of the bank’s stock worth $326,000 after acquiring an additional 4,700 shares in the last quarter. Finally, WINTON GROUP Ltd grew its position in TowneBank by 24.6% in the third quarter. WINTON GROUP Ltd now owns 11,503 shares of the bank’s stock worth $355,000 after acquiring an additional 2,271 shares in the last quarter. 44.18% of the stock is owned by institutional investors.
TowneBank Company Profile
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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