Towne Bank (NASDAQ:TOWN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Towne Bank (NASDAQ:TOWN) from a sell rating to a hold rating in a report released on Sunday morning.

A number of other brokerages have also weighed in on TOWN. Hovde Group boosted their price objective on shares of Towne Bank from $39.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, July 24th. Weiss Ratings restated a “buy (b-)” rating on shares of Towne Bank in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Towne Bank has an average rating of “Moderate Buy” and a consensus target price of $41.00.

Towne Bank Trading Down 0.2%

Shares of TOWN opened at $33.31 on Friday. The firm has a market cap of $2.50 billion, a price-to-earnings ratio of 14.87 and a beta of 0.84. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.85 and a current ratio of 0.87. Towne Bank has a fifty-two week low of $29.43 and a fifty-two week high of $38.28. The firm has a 50 day moving average price of $35.04 and a 200-day moving average price of $34.63.

Towne Bank (NASDAQ:TOWN) last announced its quarterly earnings data on Wednesday, October 22nd. The bank reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.08. The firm had revenue of $215.67 million during the quarter, compared to analyst estimates of $222.28 million. Towne Bank had a net margin of 15.69% and a return on equity of 9.86%. During the same period in the previous year, the business posted $0.58 EPS. As a group, equities research analysts forecast that Towne Bank will post 2.6 earnings per share for the current year.

Towne Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Monday, September 29th were issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Monday, September 29th. Towne Bank’s dividend payout ratio is currently 48.21%.

Institutional Investors Weigh In On Towne Bank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its holdings in Towne Bank by 931.5% in 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 in the last quarter. Abound Financial LLC bought a new position in Towne Bank in the 1st quarter worth $27,000. Summit Securities Group LLC bought a new position in Towne Bank in the 1st quarter worth $28,000. Richardson Financial Services Inc. raised its holdings in Towne Bank by 150.3% in the 3rd quarter. Richardson Financial Services Inc. now owns 816 shares of the bank’s stock worth $28,000 after purchasing an additional 490 shares in the last quarter. Finally, Quantbot Technologies LP bought a new position in Towne Bank in the 2nd quarter worth $30,000. 55.99% of the stock is currently owned by institutional investors.

Towne Bank Company Profile

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.