Zacks Investment Research upgraded shares of Two River Bancorp (NASDAQ:TRCB) from a hold rating to a buy rating in a research report report published on Tuesday morning. Zacks Investment Research currently has $21.00 target price on the financial services provider’s stock.
According to Zacks, “Two River Bancorp is a state-chartered commercial bank. It engaged in the business of commercial and retail banking. The company offers checking accounts, savings accounts, commercial loans, SBA lending, safe deposit boxes, night depository, wire transfers, money orders, traveler’s checks, automated teller machines, direct deposit, telephone and internet banking. Two River Bancorp, formerly known as Community Partners Bancorp, is headquartered in Tinton Falls, NJ. “
Shares of Two River Bancorp (TRCB) traded down 0.15% during midday trading on Tuesday, hitting $19.82. The company’s stock had a trading volume of 8,275 shares. Two River Bancorp has a 52-week low of $10.81 and a 52-week high of $20.01. The firm has a market cap of $166.23 million, a P/E ratio of 18.72 and a beta of 0.62. The stock’s 50 day moving average is $18.02 and its 200-day moving average is $17.81.
Two River Bancorp (NASDAQ:TRCB) last released its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.02. The firm had revenue of $9.50 million for the quarter, compared to analysts’ expectations of $9.12 million. Two River Bancorp had a net margin of 21.67% and a return on equity of 8.86%. Equities analysts predict that Two River Bancorp will post $0.95 EPS for the current fiscal year.
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In other news, Director Andrew A. Vitale purchased 2,000 shares of the firm’s stock in a transaction dated Monday, July 31st. The shares were purchased at an average price of $18.21 per share, with a total value of $36,420.00. Following the completion of the acquisition, the director now owns 19,391 shares in the company, valued at approximately $353,110.11. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 16.48% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in TRCB. Bank of New York Mellon Corp increased its holdings in shares of Two River Bancorp by 20.7% in the first quarter. Bank of New York Mellon Corp now owns 37,619 shares of the financial services provider’s stock worth $665,000 after purchasing an additional 6,446 shares during the period. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Two River Bancorp by 2.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 59,757 shares of the financial services provider’s stock worth $1,056,000 after purchasing an additional 1,438 shares during the period. Nordea Investment Management AB bought a new position in shares of Two River Bancorp in the first quarter worth $177,000. Spark Investment Management LLC increased its holdings in shares of Two River Bancorp by 5.0% in the first quarter. Spark Investment Management LLC now owns 10,500 shares of the financial services provider’s stock worth $185,000 after purchasing an additional 500 shares during the period. Finally, ClariVest Asset Management LLC bought a new position in shares of Two River Bancorp in the first quarter worth $325,000. 23.17% of the stock is currently owned by hedge funds and other institutional investors.
Two River Bancorp Company Profile
Two River Bancorp is the holding company for Two River Community Bank (the Bank). The Company acts as an independent community financial services provider. The Company’s segment is community banking operations. The Bank is a state-chartered commercial bank. The Bank offers a range of banking services, including demand, savings and time deposits, and commercial loans, residential loans and consumer/installment loans to small and medium-sized businesses, not-for-profit organizations, professionals and individuals primarily in Monmouth, Middlesex and Union Counties, New Jersey.
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