Towne Bank (NASDAQ:TOWN) Stock Price Passes Above 50 Day Moving Average – Here’s What Happened

Towne Bank (NASDAQ:TOWN) passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $34.63 and traded as high as $34.64. Towne Bank shares last traded at $34.48, with a volume of 530,344 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on TOWN shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Towne Bank in a report on Wednesday, January 21st. Zacks Research upgraded Towne Bank from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $41.00.

Towne Bank Stock Up 3.3%

The firm has a market cap of $2.78 billion, a price-to-earnings ratio of 15.98 and a beta of 0.72. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.02. The stock has a 50-day moving average of $34.57 and a 200-day moving average of $34.26.

Towne Bank (NASDAQ:TOWN) last released its quarterly earnings data on Friday, January 30th. The bank reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). Towne Bank had a net margin of 15.12% and a return on equity of 9.95%. The company had revenue of $221.09 million for the quarter, compared to analyst estimates of $225.43 million. During the same quarter in the prior year, the firm earned $0.55 EPS. The company’s revenue for the quarter was up 25.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Towne Bank will post 2.6 EPS for the current fiscal year.

Towne Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be given a dividend of $0.27 per share. The ex-dividend date is Tuesday, March 31st. This represents a $1.08 dividend on an annualized basis and a yield of 3.1%. Towne Bank’s payout ratio is currently 49.09%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. &PARTNERS boosted its position in Towne Bank by 3.2% during the 4th quarter. &PARTNERS now owns 10,428 shares of the bank’s stock valued at $348,000 after purchasing an additional 319 shares during the period. AMG National Trust Bank boosted its position in Towne Bank by 0.6% during the 3rd quarter. AMG National Trust Bank now owns 51,733 shares of the bank’s stock worth $1,788,000 after acquiring an additional 327 shares during the period. Global Retirement Partners LLC boosted its position in Towne Bank by 44.1% during the 3rd quarter. Global Retirement Partners LLC now owns 1,104 shares of the bank’s stock worth $38,000 after acquiring an additional 338 shares during the period. Arizona State Retirement System boosted its position in Towne Bank by 1.8% during the 4th quarter. Arizona State Retirement System now owns 21,410 shares of the bank’s stock worth $714,000 after acquiring an additional 382 shares during the period. Finally, Richardson Financial Services Inc. boosted its position in Towne Bank by 150.3% during the 3rd quarter. Richardson Financial Services Inc. now owns 816 shares of the bank’s stock worth $28,000 after acquiring an additional 490 shares during the period. 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.