Shares of TowneBank (NASDAQ:TOWN) have been given a consensus recommendation of “Hold” by the eight ratings firms that are covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $33.00.
TOWN has been the topic of several research reports. Raymond James decreased their price target on shares of TowneBank from $35.00 to $31.00 and set a “buy” rating on the stock in a research note on Friday, October 26th. Brean Capital reissued a “hold” rating on shares of TowneBank in a research note on Sunday, September 30th. Zacks Investment Research downgraded shares of TowneBank from a “buy” rating to a “hold” rating in a research note on Saturday, September 29th. Finally, BidaskClub raised shares of TowneBank from a “sell” rating to a “hold” rating in a research note on Tuesday, October 30th.
Several large investors have recently bought and sold shares of TOWN. Principal Financial Group Inc. purchased a new position in TowneBank during the first quarter worth about $290,000. Engineers Gate Manager LP purchased a new position in TowneBank during the third quarter worth about $302,000. WINTON GROUP Ltd raised its stake in TowneBank by 24.6% during the third quarter. WINTON GROUP Ltd now owns 11,503 shares of the bank’s stock worth $355,000 after purchasing an additional 2,271 shares during the period. Zebra Capital Management LLC purchased a new position in TowneBank during the second quarter worth about $487,000. Finally, Victory Capital Management Inc. raised its stake in TowneBank by 15.9% during the second quarter. Victory Capital Management Inc. now owns 15,294 shares of the bank’s stock worth $491,000 after purchasing an additional 2,099 shares during the period. 44.41% of the stock is currently owned by hedge funds and other institutional investors.
TowneBank (NASDAQ:TOWN) last posted its quarterly earnings results on Thursday, October 25th. The bank reported $0.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.01. The firm had revenue of $137.91 million for the quarter, compared to the consensus estimate of $138.83 million. TowneBank had a net margin of 19.03% and a return on equity of 9.94%. Research analysts predict that TowneBank will post 2.04 earnings per share for the current fiscal year.
The firm also recently declared 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. This represents a $0.64 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Thursday, December 27th. TowneBank’s dividend payout ratio is currently 41.03%.
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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