Piper Jaffray Companies reaffirmed their neutral rating on shares of Towne Bank (NASDAQ:TOWN) in a research report released on Thursday morning, MarketBeat reports. Piper Jaffray Companies currently has a $32.00 price objective on the bank’s stock.
TOWN has been the topic of a number of other research reports. BidaskClub cut Towne Bank from a hold rating to a sell rating in a research note on Wednesday, July 19th. Zacks Investment Research raised Towne Bank from a sell rating to a hold rating in a research note on Wednesday, September 27th.
Towne Bank (NASDAQ TOWN) traded down 0.72% during midday trading on Thursday, reaching $34.35. The company’s stock had a trading volume of 135,375 shares. The firm has a market cap of $2.13 billion, a price-to-earnings ratio of 23.53 and a beta of 0.99. The company’s 50-day moving average is $31.70 and its 200 day moving average is $31.18. Towne Bank has a 12-month low of $24.02 and a 12-month high of $34.70.
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The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 12th. Stockholders of record on Friday, September 29th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.63%. Towne Bank’s dividend payout ratio is 38.10%.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Aldebaran Financial Inc. grew its stake in shares of Towne Bank by 0.4% during the second quarter. Aldebaran Financial Inc. now owns 9,073 shares of the bank’s stock valued at $279,000 after buying an additional 38 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in shares of Towne Bank by 3.4% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 166,890 shares of the bank’s stock valued at $5,140,000 after buying an additional 5,532 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Towne Bank by 2.2% during the second quarter. The Manufacturers Life Insurance Company now owns 454,845 shares of the bank’s stock valued at $14,010,000 after buying an additional 9,929 shares during the last quarter. State Street Corp grew its stake in shares of Towne Bank by 7.5% during the second quarter. State Street Corp now owns 1,134,228 shares of the bank’s stock valued at $34,937,000 after buying an additional 78,810 shares during the last quarter. Finally, Voya Investment Management LLC grew its stake in shares of Towne Bank by 8.1% during the second quarter. Voya Investment Management LLC now owns 27,489 shares of the bank’s stock valued at $847,000 after buying an additional 2,063 shares during the last quarter. 42.32% of the stock is currently owned by hedge funds and other institutional investors.
Towne Bank Company Profile
TowneBank is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three segments: Banking, Realty and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. The Realty segment provides residential real estate services, originations of a range of mortgage loans, resort property management, and residential and commercial title insurance.
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