Several other equities analysts have also recently weighed in on the company. ValuEngine cut TowneBank from a hold rating to a sell rating in a report on Wednesday, March 6th. Brean Capital reissued a hold rating on shares of TowneBank in a report on Monday, January 14th. Zacks Investment Research raised TowneBank from a sell rating to a hold rating in a report on Wednesday, December 26th. Finally, Raymond James cut TowneBank from an outperform rating to a mkt perform rating in a report on Monday, January 7th. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The company has a consensus rating of Hold and an average price target of $34.00.
NASDAQ TOWN opened at $26.45 on Friday. The firm has a market cap of $1.91 billion, a PE ratio of 13.36 and a beta of 1.12. The company has a current ratio of 1.02, a quick ratio of 1.00 and a debt-to-equity ratio of 0.52. TowneBank has a 1-year low of $22.88 and a 1-year high of $33.85.
TowneBank (NASDAQ:TOWN) last released its quarterly earnings results on Thursday, January 24th. The bank reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.03). The firm had revenue of $131.42 million for the quarter, compared to the consensus estimate of $141.34 million. TowneBank had a net margin of 21.81% and a return on equity of 9.49%. As a group, analysts forecast that TowneBank will post 2 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Friday, March 29th were issued a $0.16 dividend. The ex-dividend date was Thursday, March 28th. This represents a $0.64 dividend on an annualized basis and a yield of 2.42%. TowneBank’s dividend payout ratio is currently 32.32%.
A number of institutional investors have recently made changes to their positions in the stock. Weather Gauge Advisory LLC raised its holdings in TowneBank by 2.0% in the 1st quarter. Weather Gauge Advisory LLC now owns 51,335 shares of the bank’s stock worth $1,271,000 after purchasing an additional 996 shares during the period. Mercer Global Advisors Inc. ADV bought a new position in TowneBank in the 1st quarter worth $569,000. Denali Advisors LLC bought a new position in TowneBank in the 1st quarter worth $131,000. Geode Capital Management LLC raised its holdings in TowneBank by 9.0% in the 4th quarter. Geode Capital Management LLC now owns 790,500 shares of the bank’s stock worth $18,932,000 after purchasing an additional 65,244 shares during the period. Finally, Norges Bank bought a new position in TowneBank in the 4th quarter worth $11,789,000. 45.44% of the stock is currently owned by institutional investors.
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, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.
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