Towne Bank (NASDAQ:TOWN) Shares Cross Below 200 Day Moving Average – Here’s What Happened

Shares of Towne Bank (NASDAQ:TOWN) passed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $34.62 and traded as low as $34.34. Towne Bank shares last traded at $34.64, with a volume of 493,231 shares traded.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Weiss Ratings downgraded Towne Bank from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $38.00 target price (down from $42.00) on shares of Towne Bank in a report on Wednesday, May 6th. Zacks Research lowered Towne Bank from a “hold” rating to a “strong sell” rating in a research report on Monday, May 4th. Finally, Hovde Group lowered their price target on Towne Bank from $42.00 to $41.00 and set an “outperform” rating for the company in a report on Monday, April 27th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Towne Bank presently has a consensus rating of “Hold” and a consensus price target of $39.50.

Towne Bank Stock Performance

The stock’s 50-day moving average price is $34.67 and its 200-day moving average price is $34.62. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $2.74 billion, a P/E ratio of 17.49 and a beta of 0.70.

Towne Bank (NASDAQ:TOWN) last announced its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.74 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.74. The business had revenue of $247.62 million during the quarter, compared to the consensus estimate of $274.02 million. Towne Bank had a net margin of 13.51% and a return on equity of 9.91%. The company’s revenue for the quarter was up 34.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.68 EPS. As a group, equities analysts expect that Towne Bank will post 3.15 EPS for the current year.

Towne Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Friday, June 26th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.2%. This is a boost from Towne Bank’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Friday, June 26th. Towne Bank’s dividend payout ratio is currently 54.55%.

Institutional Trading of Towne Bank

Several hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its position in Towne Bank by 931.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank’s stock valued at $26,000 after purchasing an additional 680 shares during the period. Abound Financial LLC acquired a new stake in Towne Bank in the fourth quarter worth $27,000. Quantbot Technologies LP acquired a new stake in Towne Bank in the second quarter worth $30,000. Los Angeles Capital Management LLC bought a new stake in Towne Bank in the fourth quarter valued at $42,000. Finally, CrossGen Wealth LLC bought a new stake in Towne Bank in the fourth quarter valued at $53,000. Institutional investors 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.