Shares of TowneBank (NASDAQ:TOWN) have been assigned an average rating of “Hold” from the eight analysts that are currently covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, five have given a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $33.00.
A number of research analysts have issued reports on the stock. Brean Capital reaffirmed a “hold” rating on shares of TowneBank in a report on Monday, August 27th. BidaskClub cut shares of TowneBank from a “hold” rating to a “sell” rating in a report on Friday, August 31st. Zacks Investment Research cut shares of TowneBank from a “buy” rating to a “hold” rating in a report on Saturday, September 29th. Finally, ValuEngine lowered shares of TowneBank from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th.
NASDAQ TOWN opened at $26.03 on Monday. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of 16.69 and a beta of 0.97. TowneBank has a 12-month low of $25.50 and a 12-month high of $33.85. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.01 and a quick ratio of 0.97.
TowneBank (NASDAQ:TOWN) last posted its quarterly earnings results on Thursday, October 25th. The bank reported $0.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.01. The business had revenue of $137.91 million during the quarter, compared to analysts’ expectations of $138.83 million. TowneBank had a net margin of 19.03% and a return on equity of 9.94%. As a group, equities analysts anticipate that TowneBank will post 2.04 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 11th. Stockholders of record on Friday, December 28th will be paid a $0.16 dividend. The ex-dividend date is Thursday, December 27th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.46%. TowneBank’s payout ratio is currently 41.03%.
Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of TowneBank by 2.7% in the third quarter. Vanguard Group Inc. now owns 5,624,397 shares of the bank’s stock worth $173,513,000 after acquiring an additional 149,181 shares during the period. Teachers Advisors LLC increased its stake in shares of TowneBank by 3.2% in the third quarter. Teachers Advisors LLC now owns 126,794 shares of the bank’s stock worth $3,912,000 after acquiring an additional 3,903 shares during the period. IndexIQ Advisors LLC increased its stake in shares of TowneBank by 3.9% in the third quarter. IndexIQ Advisors LLC now owns 79,484 shares of the bank’s stock worth $2,452,000 after acquiring an additional 3,002 shares during the period. MetLife Investment Advisors LLC increased its stake in shares of TowneBank by 55.2% in the third quarter. MetLife Investment Advisors LLC now owns 47,038 shares of the bank’s stock worth $1,451,000 after acquiring an additional 16,721 shares during the period. Finally, BlueMountain Capital Management LLC increased its stake in shares of TowneBank by 23.6% in the third quarter. BlueMountain Capital Management LLC now owns 32,464 shares of the bank’s stock worth $1,002,000 after acquiring an additional 6,199 shares during the period. Hedge funds and other institutional investors own 44.41% of the company’s stock.
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, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.
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