TowneBank (NASDAQ:TOWN) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $28.94 and last traded at $28.75, with a volume of 200 shares changing hands. The stock had previously closed at $28.50.
A number of brokerages have recently commented on TOWN. Zacks Investment Research upgraded shares of TowneBank from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a research report on Sunday. Piper Jaffray Companies began coverage on shares of TowneBank in a research report on Tuesday, July 16th. They issued a “neutral” rating and a $27.00 target price for the company. BidaskClub upgraded shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Saturday, September 14th. Peel Hunt reiterated a “buy” rating on shares of TowneBank in a research report on Tuesday, October 22nd. Finally, ValuEngine upgraded shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $29.50.
The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of 14.41 and a beta of 1.08. The company’s 50-day moving average is $27.79 and its 200-day moving average is $27.03. The company has a quick ratio of 0.94, a current ratio of 0.98 and a debt-to-equity ratio of 0.33.
TowneBank (NASDAQ:TOWN) last released its quarterly earnings data on Thursday, October 24th. The bank reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.01. TowneBank had a net margin of 21.05% and a return on equity of 8.90%. The firm had revenue of $145.88 million during the quarter, compared to analysts’ expectations of $145.37 million. Sell-side analysts anticipate that TowneBank will post 1.86 EPS for the current year.
The business also recently declared a — dividend, which was paid on Thursday, October 10th. Shareholders of record on Monday, September 30th were given a dividend of $0.18 per share. This represents a dividend yield of 2.7%. The ex-dividend date was Friday, September 27th. TowneBank’s dividend payout ratio is presently 36.36%.
Several hedge funds and other institutional investors have recently bought and sold shares of TOWN. Envestnet Asset Management Inc. lifted its stake in TowneBank by 58.8% in the second quarter. Envestnet Asset Management Inc. now owns 38,673 shares of the bank’s stock worth $1,055,000 after acquiring an additional 14,319 shares during the last quarter. First Trust Advisors LP lifted its stake in TowneBank by 37.0% in the second quarter. First Trust Advisors LP now owns 106,807 shares of the bank’s stock worth $2,914,000 after acquiring an additional 28,867 shares during the last quarter. Evermay Wealth Management LLC purchased a new position in TowneBank in the second quarter worth approximately $220,000. Nuance Investments LLC purchased a new position in TowneBank in the second quarter worth approximately $9,290,000. Finally, US Bancorp DE lifted its stake in TowneBank by 48.9% in the second quarter. US Bancorp DE now owns 24,821 shares of the bank’s stock worth $677,000 after acquiring an additional 8,156 shares during the last quarter. 47.25% of the stock is owned by institutional investors and hedge funds.
TowneBank Company Profile (NASDAQ:TOWN)
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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