Towne Bank (NASDAQ:TOWN) Downgraded by Wall Street Zen to Sell

Wall Street Zen downgraded shares of Towne Bank (NASDAQ:TOWN) from a hold rating to a sell rating in a research report sent to investors on Saturday morning.

A number of other equities analysts have also recently weighed in on the company. Hovde Group boosted their price target on Towne Bank from $39.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, July 24th. Weiss Ratings reissued a “buy (b-)” rating on shares of Towne Bank in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Towne Bank Stock Performance

Shares of TOWN stock opened at $33.76 on Friday. The stock has a fifty day moving average price of $35.49 and a 200 day moving average price of $34.48. The stock has a market cap of $2.53 billion, a PE ratio of 14.68 and a beta of 0.84. Towne Bank has a 1 year low of $29.43 and a 1 year high of $38.28. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.85 and a current ratio of 0.87.

Towne Bank (NASDAQ:TOWN) last issued its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.12. The firm had revenue of $207.44 million during the quarter, compared to analysts’ expectations of $202.18 million. Towne Bank had a return on equity of 8.99% and a net margin of 16.49%.Towne Bank’s revenue was up 18.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 earnings per share. Sell-side analysts forecast that Towne Bank will post 2.6 earnings per share for the current fiscal year.

Towne Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Monday, September 29th were paid a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.2%. The ex-dividend date was Monday, September 29th. Towne Bank’s dividend payout ratio is presently 46.96%.

Institutional Investors Weigh In On Towne Bank

Institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its position in Towne Bank by 931.5% during the second quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank’s stock valued at $26,000 after acquiring an additional 680 shares during the period. Abound Financial LLC purchased a new stake in Towne Bank during the first quarter valued at about $27,000. Summit Securities Group LLC purchased a new stake in Towne Bank during the first quarter valued at about $28,000. Quantbot Technologies LP purchased a new stake in Towne Bank during the second quarter valued at about $30,000. Finally, Private Trust Co. NA purchased a new stake in Towne Bank during the second quarter valued at about $40,000. Hedge funds and other institutional investors own 55.99% of the company’s stock.

Towne Bank Company Profile

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.