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

Towne Bank (NASDAQ:TOWN)’s stock price 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 trading hands.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on TOWN shares. 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. Weiss Ratings downgraded Towne Bank from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 13th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $38.00 target price (down from $42.00) on shares of Towne Bank in a research note on Wednesday, May 6th. Finally, Zacks Research downgraded Towne Bank from a “hold” rating to a “strong sell” rating in a report on Monday, May 4th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Towne Bank presently has a consensus rating of “Hold” and a consensus target price of $39.50.

Towne Bank Stock Performance

The firm has a market capitalization of $2.74 billion, a price-to-earnings ratio of 17.49 and a beta of 0.70. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.88 and a current ratio of 0.89. The stock’s fifty day moving average is $34.67 and its two-hundred day moving average is $34.62.

Towne Bank (NASDAQ:TOWN) last issued its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.74 EPS for the quarter, hitting analysts’ consensus estimates of $0.74. The firm had revenue of $247.62 million for the quarter, compared to analyst estimates of $274.02 million. Towne Bank had a net margin of 13.51% and a return on equity of 9.91%. The firm’s revenue was up 34.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.68 EPS. Analysts forecast that Towne Bank will post 3.15 earnings per share for the current year.

Towne Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Friday, June 26th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.2%. This is a positive change from Towne Bank’s previous quarterly dividend of $0.27. The ex-dividend date is Friday, June 26th. Towne Bank’s payout ratio is presently 54.55%.

Institutional Investors Weigh In On Towne Bank

A number of hedge funds have recently bought and sold shares of TOWN. EverSource Wealth Advisors LLC raised its position in shares of Towne Bank by 931.5% in 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 in the last quarter. Abound Financial LLC acquired a new stake in shares of Towne Bank during the fourth quarter worth approximately $27,000. Quantbot Technologies LP acquired a new stake in Towne Bank in the second quarter valued at $30,000. Los Angeles Capital Management LLC acquired a new stake in Towne Bank in the fourth quarter valued at $42,000. Finally, CrossGen Wealth LLC bought a new position in Towne Bank during the 4th quarter valued at $53,000. Institutional investors and hedge funds 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.