Shares of TowneBank (NASDAQ:TOWN) have earned an average recommendation of “Hold” from the six brokerages that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation and three have given a hold recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $34.00.
Several research analysts have recently commented on TOWN shares. BidaskClub raised shares of TowneBank from a “sell” rating to a “hold” rating in a research note on Thursday, November 22nd. Zacks Investment Research raised shares of TowneBank from a “sell” rating to a “hold” rating in a research note on Thursday, November 29th. ValuEngine lowered shares of TowneBank from a “hold” rating to a “sell” rating in a research note on Wednesday, January 2nd. Raymond James lowered shares of TowneBank from an “outperform” rating to a “mkt perform” rating in a research note on Monday, January 7th. Finally, Brean Capital reissued a “hold” rating on shares of TowneBank in a research note on Monday, January 14th.
TowneBank stock traded down $0.32 during midday trading on Wednesday, hitting $25.83. 247 shares of the stock were exchanged, compared to its average volume of 108,821. TowneBank has a fifty-two week low of $22.88 and a fifty-two week high of $33.85. The stock has a market cap of $1.93 billion, a P/E ratio of 13.02 and a beta of 1.14.
TowneBank (NASDAQ:TOWN) last released its quarterly earnings data on Thursday, January 24th. The bank reported $0.49 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by ($0.03). TowneBank had a return on equity of 9.76% and a net margin of 21.81%. The firm had revenue of $131.42 million for the quarter, compared to analyst estimates of $141.34 million. Research analysts anticipate that TowneBank will post 2.15 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 10th. Stockholders of record on Friday, March 29th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.48%. The ex-dividend date is Thursday, March 28th. TowneBank’s payout ratio is 32.32%.
Institutional investors have recently modified their holdings of the stock. Bank of Montreal Can lifted its stake in TowneBank by 31.2% in the fourth quarter. Bank of Montreal Can now owns 1,986 shares of the bank’s stock worth $47,000 after acquiring an additional 472 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in TowneBank by 37.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,028 shares of the bank’s stock worth $120,000 after acquiring an additional 1,370 shares during the last quarter. Aptus Capital Advisors LLC purchased a new position in TowneBank in the fourth quarter worth approximately $172,000. Engineers Gate Manager LP purchased a new position in TowneBank in the third quarter worth approximately $302,000. Finally, WINTON GROUP Ltd lifted its position in shares of TowneBank by 24.6% during 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 during the last quarter. Institutional investors own 44.64% of the company’s stock.
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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