Towne Bank (NASDAQ:TOWN) Downgraded to Strong Sell Rating by Zacks Research

Zacks Research lowered shares of Towne Bank (NASDAQ:TOWN) from a hold rating to a strong sell rating in a research report sent to investors on Monday,Zacks.com reports.

A number of other equities analysts have also recently issued reports on the company. Weiss Ratings restated a “buy (b-)” rating on shares of Towne Bank in a report on Wednesday, January 21st. Wall Street Zen upgraded shares of Towne Bank from a “sell” rating to a “hold” rating in a research note on Sunday, October 26th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $41.00.

Towne Bank Stock Performance

NASDAQ:TOWN opened at $36.41 on Monday. The company has a market cap of $2.73 billion, a price-to-earnings ratio of 16.55 and a beta of 0.77. Towne Bank has a 1 year low of $29.43 and a 1 year high of $38.01. The stock’s 50 day simple moving average is $34.74 and its two-hundred day simple moving average is $34.73. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.87 and a quick ratio of 0.86.

Towne Bank (NASDAQ:TOWN) last posted its earnings results on Friday, January 30th. The bank reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). The firm had revenue of $221.09 million for the quarter, compared to the consensus estimate of $225.43 million. Towne Bank had a net margin of 15.12% and a return on equity of 10.11%. The firm’s revenue was up 25.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.55 earnings per share. As a group, equities analysts anticipate that Towne Bank will post 2.6 earnings per share for the current fiscal year.

Towne Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Shareholders of record on Friday, December 26th were paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 3.0%. The ex-dividend date was Friday, December 26th. Towne Bank’s payout ratio is presently 49.09%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings in shares of Towne Bank by 931.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank’s stock worth $26,000 after purchasing an additional 680 shares during the last quarter. Richardson Financial Services Inc. boosted its stake in Towne Bank by 150.3% during the third quarter. Richardson Financial Services Inc. now owns 816 shares of the bank’s stock worth $28,000 after buying an additional 490 shares during the last quarter. Quantbot Technologies LP purchased a new stake in Towne Bank in the 2nd quarter valued at $30,000. Atlantic Union Bankshares Corp purchased a new position in shares of Towne Bank during the 3rd quarter worth $35,000. Finally, Global Retirement Partners LLC boosted its position in shares of Towne Bank by 44.1% during the 3rd quarter. Global Retirement Partners LLC now owns 1,104 shares of the bank’s stock valued at $38,000 after acquiring an additional 338 shares during the last quarter. Hedge funds and other institutional investors own 55.99% of the company’s stock.

Towne Bank Company Profile

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.