Towne Bank (NASDAQ:TOWN) Stock Crosses Below 200 Day Moving Average – What’s Next?

Towne Bank (NASDAQ:TOWN)’s stock price passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $34.46 and traded as low as $33.68. Towne Bank shares last traded at $34.23, with a volume of 369,973 shares changing hands.

Analyst Upgrades and Downgrades

TOWN has been the topic of several recent research reports. Weiss Ratings downgraded Towne Bank from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 13th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $38.00 price objective (down from $42.00) on shares of Towne Bank in a research report on Wednesday, May 6th. Zacks Research downgraded Towne Bank from a “hold” rating to a “strong sell” rating in a research report on Monday, May 4th. Finally, Hovde Group reduced their target price on Towne Bank from $42.00 to $41.00 and set an “outperform” rating on the stock in a research report on Monday, April 27th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $39.50.

Towne Bank Trading Up 1.5%

The business has a fifty day moving average price of $34.37 and a 200 day moving average price of $34.49. The company has a market capitalization of $2.73 billion, a PE ratio of 17.48 and a beta of 0.72. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.86 and a current ratio of 0.87.

Towne Bank (NASDAQ:TOWN) last released its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.74 EPS for the quarter, hitting the consensus estimate of $0.74. The firm had revenue of $247.62 million for the quarter, compared to analyst estimates of $274.02 million. Towne Bank had a return on equity of 10.48% and a net margin of 13.51%.Towne Bank’s revenue for the quarter was up 34.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.68 EPS. Analysts expect that Towne Bank will post 3.15 EPS for the current fiscal year.

Towne Bank Dividend Announcement

The firm also recently disclosed a dividend, which will be paid on Wednesday, May 20th. Shareholders of record on Monday, May 4th will be paid a dividend of $0.70 per share. The ex-dividend date is Monday, May 4th. Towne Bank’s dividend payout ratio (DPR) is 54.55%.

Institutional Investors Weigh In On Towne Bank

A number of hedge funds have recently bought and sold shares of TOWN. Kanawha Capital Management LLC bought a new position in Towne Bank during the third quarter worth $1,068,000. JPMorgan Chase & Co. boosted its holdings in shares of Towne Bank by 22.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 330,937 shares of the bank’s stock valued at $11,441,000 after buying an additional 59,770 shares during the period. Clark Capital Management Group Inc. boosted its holdings in shares of Towne Bank by 51.5% in the 3rd quarter. Clark Capital Management Group Inc. now owns 341,471 shares of the bank’s stock valued at $11,805,000 after buying an additional 116,013 shares during the period. Deprince Race & Zollo Inc. boosted its holdings in shares of Towne Bank by 24.2% in the 4th quarter. Deprince Race & Zollo Inc. now owns 175,430 shares of the bank’s stock valued at $5,854,000 after buying an additional 34,133 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Towne Bank by 3.2% in the 3rd quarter. Vanguard Group Inc. now owns 7,639,169 shares of the bank’s stock valued at $264,086,000 after buying an additional 234,403 shares during the period. Institutional investors and hedge funds own 55.99% of the company’s stock.

About Towne Bank

TowneBank is a Virginia‐based financial services company organized as a bank holding company. Its primary subsidiary, TowneBank, operates a network of community banking offices and mortgage production facilities. The company offers a comprehensive range of commercial and consumer banking solutions, including deposit accounts, lending products, treasury management, and private banking services tailored to individuals, small businesses, and middle‐market corporations.

In addition to traditional banking, TowneBank provides specialty services through affiliated subsidiaries.