Zacks Investment Research upgraded shares of Two River Bancorp (NASDAQ:TRCB) from a hold rating to a buy rating in a research note released on Tuesday. The brokerage currently has $21.00 price target 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. “
Two River Bancorp (NASDAQ:TRCB) opened at 18.85 on Tuesday. The company has a market capitalization of $158.09 million, a P/E ratio of 17.80 and a beta of 0.62. The company has a 50-day moving average of $18.02 and a 200-day moving average of $17.81. Two River Bancorp has a 1-year low of $10.81 and a 1-year high of $18.96.
Two River Bancorp (NASDAQ:TRCB) last released its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.02. The company had revenue of $9.50 million during 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 expect that Two River Bancorp will post $0.95 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 29th. Shareholders of record on Friday, August 11th were given a $0.045 dividend. This represents a $0.18 annualized dividend and a yield of 0.95%. This is a boost from Two River Bancorp’s previous quarterly dividend of $0.04. The ex-dividend date of this dividend was Wednesday, August 9th. Two River Bancorp’s payout ratio is 16.98%.
In other Two River Bancorp news, Director Andrew A. Vitale purchased 2,000 shares of the stock in a transaction dated Monday, July 31st. The stock was purchased at an average price of $18.21 per share, with a total value of $36,420.00. Following the transaction, the director now owns 19,391 shares of the company’s stock, valued at $353,110.11. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 16.48% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. New York State Common Retirement Fund purchased a new stake in shares of Two River Bancorp in the 2nd quarter worth approximately $143,000. Segantii Capital Management Ltd purchased a new stake in shares of Two River Bancorp in the 1st quarter worth approximately $173,000. Nordea Investment Management AB purchased a new stake in shares of Two River Bancorp in the 1st quarter worth approximately $177,000. Spark Investment Management LLC lifted its position in shares of Two River Bancorp by 5.0% in the 1st 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, Bank of America Corp DE lifted its position in shares of Two River Bancorp by 5.0% in the 1st quarter. Bank of America Corp DE now owns 11,479 shares of the financial services provider’s stock worth $203,000 after purchasing an additional 546 shares during the period. 23.17% of the stock is owned by hedge funds and other institutional investors.
About Two River Bancorp
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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