Two River Bancorp (NASDAQ:TRCB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday, December 27th.
According to Zacks, “Two River Bancorp is a state-chartered commercial bank. It engaged in the business of commercial and retail banking. The company offers checking accounts, savings accounts, commercial loans, SBA lending, safe deposit boxes, night depository, wire transfers, money orders, traveler’s checks, automated teller machines, direct deposit, telephone and internet banking. Two River Bancorp, formerly known as Community Partners Bancorp, is headquartered in Tinton Falls, NJ. “
Separately, ValuEngine downgraded shares of Two River Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, December 7th.
Shares of Two River Bancorp (TRCB) opened at $18.25 on Wednesday. The stock has a market cap of $153.83, a PE ratio of 18.15 and a beta of 0.60. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.01 and a current ratio of 1.01. Two River Bancorp has a one year low of $13.58 and a one year high of $20.75.
Two River Bancorp (NASDAQ:TRCB) last announced its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The firm had revenue of $9.87 million for the quarter, compared to the consensus estimate of $9.62 million. Two River Bancorp had a net margin of 20.45% and a return on equity of 8.29%. equities analysts predict that Two River Bancorp will post 0.97 EPS for the current fiscal year.
Two River Bancorp announced that its board has authorized a share repurchase plan on Thursday, December 14th that authorizes the company to repurchase $2.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.
In related news, Director Robert E. Gregory sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 26th. The shares were sold at an average price of $19.49, for a total value of $194,900.00. Following the completion of the transaction, the director now owns 181,035 shares in the company, valued at approximately $3,528,372.15. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 16.48% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of TRCB. State Street Corp bought a new position in Two River Bancorp during the 2nd quarter worth approximately $1,292,000. Northern Trust Corp raised its holdings in Two River Bancorp by 580.9% during the 2nd quarter. Northern Trust Corp now owns 76,053 shares of the financial services provider’s stock worth $1,414,000 after purchasing an additional 64,883 shares during the last quarter. Royce & Associates LP raised its holdings in Two River Bancorp by 62.7% during the 2nd quarter. Royce & Associates LP now owns 122,000 shares of the financial services provider’s stock worth $2,268,000 after purchasing an additional 47,000 shares during the last quarter. Vanguard Group Inc. raised its holdings in Two River Bancorp by 27.4% during the 2nd quarter. Vanguard Group Inc. now owns 147,306 shares of the financial services provider’s stock worth $2,739,000 after purchasing an additional 31,683 shares during the last quarter. Finally, TIAA CREF Investment Management LLC bought a new position in Two River Bancorp during the 2nd quarter worth approximately $358,000. Institutional investors and hedge funds own 23.27% of the company’s stock.
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Two River Bancorp Company Profile
Two River Bancorp is the holding company for Two River Community Bank (the Bank). The Company acts as an independent community financial services provider. The Company’s segment is community banking operations. The Bank is a state-chartered commercial bank. The Bank offers a range of banking services, including demand, savings and time deposits, and commercial loans, residential loans and consumer/installment loans to small and medium-sized businesses, not-for-profit organizations, professionals and individuals primarily in Monmouth, Middlesex and Union Counties, New Jersey.
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