TowneBank (NASDAQ:TOWN) Cut to “Sell” at ValuEngine

ValuEngine lowered shares of TowneBank (NASDAQ:TOWN) from a hold rating to a sell rating in a research report report published on Wednesday morning, ValuEngine reports.

Other analysts also recently issued reports about the company. BidaskClub downgraded Zynerba Pharmaceuticals from a buy rating to a hold rating in a research report on Thursday, July 11th. Zacks Investment Research upgraded Vistra Energy from a hold rating to a buy rating and set a $25.00 price target on the stock in a research note on Saturday, July 13th. Finally, Piper Jaffray Companies began coverage on TowneBank in a research note on Tuesday, July 16th. They set a neutral rating and a $27.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating and two have given a hold rating to the company. The stock currently has a consensus rating of Sell and a consensus price target of $31.67.

NASDAQ:TOWN opened at $27.33 on Wednesday. TowneBank has a twelve month low of $22.88 and a twelve month high of $33.50. The company has a market capitalization of $1.97 billion, a P/E ratio of 13.80 and a beta of 1.09. The stock’s fifty day simple moving average is $26.90. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 1.02.

TowneBank (NASDAQ:TOWN) last released its earnings results on Thursday, April 25th. The bank reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.05). TowneBank had a return on equity of 9.31% and a net margin of 22.24%. The business had revenue of $133.85 million for the quarter, compared to the consensus estimate of $138.13 million. On average, analysts forecast that TowneBank will post 1.93 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 10th. Stockholders of record on Friday, June 28th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $0.72 annualized dividend and a dividend yield of 2.63%. This is a positive change from TowneBank’s previous quarterly dividend of $0.16. TowneBank’s dividend payout ratio (DPR) is currently 36.36%.

Several institutional investors have recently made changes to their positions in TOWN. LPL Financial LLC increased its stake in shares of TowneBank by 8.2% during the fourth quarter. LPL Financial LLC now owns 25,000 shares of the bank’s stock valued at $599,000 after buying an additional 1,900 shares during the period. California Public Employees Retirement System grew its stake in TowneBank by 10.9% in the fourth quarter. California Public Employees Retirement System now owns 136,323 shares of the bank’s stock valued at $3,265,000 after purchasing an additional 13,398 shares during the last quarter. BlackRock Inc. grew its stake in TowneBank by 5.3% in the fourth quarter. BlackRock Inc. now owns 4,830,176 shares of the bank’s stock valued at $115,682,000 after purchasing an additional 242,959 shares during the last quarter. Bank of New York Mellon Corp grew its stake in TowneBank by 1.1% in the fourth quarter. Bank of New York Mellon Corp now owns 797,888 shares of the bank’s stock valued at $19,108,000 after purchasing an additional 8,447 shares during the last quarter. Finally, Citigroup Inc. grew its stake in TowneBank by 16.6% in the fourth quarter. Citigroup Inc. now owns 21,635 shares of the bank’s stock valued at $518,000 after purchasing an additional 3,081 shares during the last quarter. Hedge funds and other institutional investors own 45.98% of the company’s stock.

TowneBank Company Profile

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, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.

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