Several other equities research analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Towne Bank from a hold rating to a sell rating in a research note on Tuesday. BidaskClub lowered shares of Towne Bank from a hold rating to a sell rating in a research note on Wednesday, July 19th.
Towne Bank (TOWN) opened at $33.60 on Tuesday. The firm has a market cap of $2,124.32, a PE ratio of 22.48 and a beta of 1.00. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 0.47.
Towne Bank (NASDAQ:TOWN) last posted its earnings results on Thursday, October 26th. The bank reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.01). Towne Bank had a return on equity of 8.49% and a net margin of 19.55%. The firm had revenue of $115.34 million for the quarter, compared to analysts’ expectations of $118.96 million. equities analysts predict that Towne Bank will post 1.54 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which was paid on Thursday, October 12th. Investors of record on Friday, September 29th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date of this dividend was Thursday, September 28th. Towne Bank’s dividend payout ratio is presently 36.84%.
A number of institutional investors have recently modified their holdings of the stock. Aldebaran Financial Inc. lifted its stake in Towne Bank by 0.4% in the 2nd quarter. Aldebaran Financial Inc. now owns 9,073 shares of the bank’s stock valued at $279,000 after buying an additional 38 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in Towne Bank by 3.4% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 166,890 shares of the bank’s stock valued at $5,140,000 after buying an additional 5,532 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Towne Bank by 2.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 454,845 shares of the bank’s stock valued at $14,010,000 after buying an additional 9,929 shares in the last quarter. State Street Corp lifted its stake in Towne Bank by 7.5% in the 2nd quarter. State Street Corp now owns 1,134,228 shares of the bank’s stock valued at $34,937,000 after buying an additional 78,810 shares in the last quarter. Finally, Voya Investment Management LLC lifted its stake in Towne Bank by 8.1% in the 2nd quarter. Voya Investment Management LLC now owns 27,489 shares of the bank’s stock valued at $847,000 after buying an additional 2,063 shares in the last quarter. 42.26% of the stock is currently owned by hedge funds and other institutional investors.
Towne Bank Company Profile
TowneBank is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three segments: Banking, Realty and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. The Realty segment provides residential real estate services, originations of a range of mortgage loans, resort property management, and residential and commercial title insurance.
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