BidaskClub downgraded shares of TowneBank (NASDAQ:TOWN) from a hold rating to a sell rating in a research report report published on Tuesday morning.
Several other research firms have also recently commented on TOWN. Brean Capital reaffirmed a hold rating on shares of TowneBank in a report on Monday, October 29th. ValuEngine cut TowneBank from a hold rating to a sell rating in a report on Thursday, September 27th. Zacks Investment Research cut TowneBank from a hold rating to a sell rating in a report on Tuesday, October 30th. Raymond James cut their price target on TowneBank from $35.00 to $31.00 and set a buy rating for the company in a report on Friday, October 26th. Finally, Piper Jaffray Companies set a $34.00 price objective on TowneBank and gave the stock a hold rating in a research report on Monday, July 30th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $33.80.
Shares of TowneBank stock traded up $0.06 during mid-day trading on Tuesday, reaching $28.45. 470 shares of the stock traded hands, compared to its average volume of 127,325. TowneBank has a fifty-two week low of $25.50 and a fifty-two week high of $35.00. The stock has a market capitalization of $2.03 billion, a P/E ratio of 18.15 and a beta of 0.98. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.01 and a quick ratio of 0.97.
TowneBank (NASDAQ:TOWN) last announced its earnings results on Thursday, October 25th. The bank reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. TowneBank had a return on equity of 9.94% and a net margin of 19.03%. The business had revenue of $137.91 million during the quarter, compared to analysts’ expectations of $138.83 million. As a group, research analysts anticipate that TowneBank will post 2.04 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 10th. Investors of record on Friday, September 28th were given a $0.16 dividend. The ex-dividend date was Thursday, September 27th. This represents a $0.64 annualized dividend and a yield of 2.25%. TowneBank’s payout ratio is 41.03%.
A number of institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its position in TowneBank by 4.2% in the third quarter. JPMorgan Chase & Co. now owns 46,469 shares of the bank’s stock worth $1,433,000 after acquiring an additional 1,881 shares during the period. Raymond James & Associates boosted its position in shares of TowneBank by 4.5% during the second quarter. Raymond James & Associates now owns 47,414 shares of the bank’s stock worth $1,522,000 after buying an additional 2,044 shares during the period. Victory Capital Management Inc. boosted its position in shares of TowneBank by 15.9% during the second quarter. Victory Capital Management Inc. now owns 15,294 shares of the bank’s stock worth $491,000 after buying an additional 2,099 shares during the period. WINTON GROUP Ltd boosted its position in shares of TowneBank by 24.6% during the third 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 period. Finally, Metropolitan Life Insurance Co. NY boosted its position in shares of TowneBank by 11.9% during the second quarter. Metropolitan Life Insurance Co. NY now owns 21,721 shares of the bank’s stock worth $697,000 after buying an additional 2,302 shares during the period. 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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