BidaskClub cut shares of TowneBank (NASDAQ:TOWN) from a hold rating to a sell rating in a research report report published on Tuesday morning.
Other equities analysts have also issued research reports about the stock. Raymond James reduced their target price on shares of TowneBank from $35.00 to $31.00 and set a buy rating on the stock in a report on Friday, October 26th. Zacks Investment Research upgraded shares of TowneBank from a hold rating to a buy rating and set a $37.00 target price on the stock in a report on Wednesday, August 1st. Piper Jaffray Companies set a $34.00 target price on shares of TowneBank and gave the company a hold rating in a report on Monday, July 30th. Finally, Brean Capital restated a hold rating on shares of TowneBank in a report on Saturday, July 28th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. TowneBank has an average rating of Hold and a consensus price target of $33.80.
Shares of NASDAQ:TOWN traded down $0.15 during midday trading on Tuesday, hitting $27.99. 307 shares of the company’s stock traded hands, compared to its average volume of 126,777. The company has a current ratio of 1.01, a quick ratio of 0.97 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of 18.14 and a beta of 0.98. TowneBank has a twelve month low of $25.50 and a twelve month high of $35.00.
TowneBank (NASDAQ:TOWN) last posted its earnings results on Thursday, October 25th. The bank reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.01. The business had revenue of $137.91 million for the quarter, compared to analyst estimates of $138.83 million. TowneBank had a net margin of 19.03% and a return on equity of 9.94%. On average, analysts predict that TowneBank will post 2.04 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 10th. Shareholders of record on Friday, September 28th were issued a $0.16 dividend. The ex-dividend date was Thursday, September 27th. This represents a $0.64 dividend on an annualized basis and a yield of 2.29%. TowneBank’s dividend payout ratio is currently 41.03%.
Hedge funds have recently modified their holdings of the business. ACG Wealth acquired a new position in TowneBank in the 2nd quarter worth $203,000. Engineers Gate Manager LP acquired a new position in TowneBank in the 3rd quarter worth $302,000. Principal Financial Group Inc. acquired a new position in TowneBank in the 1st quarter worth $290,000. Xact Kapitalforvaltning AB lifted its holdings in TowneBank by 70.3% in the 1st quarter. Xact Kapitalforvaltning AB now owns 11,388 shares of the bank’s stock worth $326,000 after buying an additional 4,700 shares in the last quarter. Finally, WINTON GROUP Ltd lifted its holdings in TowneBank by 24.6% in the 3rd quarter. WINTON GROUP Ltd now owns 11,503 shares of the bank’s stock worth $355,000 after buying an additional 2,271 shares in the last quarter. Hedge funds and other institutional investors own 44.14% of the company’s stock.
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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