Shares of TowneBank (NASDAQ:TOWN) have been assigned a consensus rating of “Hold” from the seven brokerages that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $34.50.
Several equities analysts have recently weighed in on TOWN shares. BidaskClub upgraded TowneBank from a “hold” rating to a “buy” rating in a research report on Wednesday, June 6th. Zacks Investment Research downgraded TowneBank from a “buy” rating to a “hold” rating in a research report on Thursday, June 28th. Brean Capital restated a “hold” rating on shares of TowneBank in a research report on Tuesday, July 10th. Finally, Piper Jaffray Companies set a $34.00 target price on TowneBank and gave the company a “hold” rating in a research report on Monday, July 30th.
Shares of NASDAQ TOWN traded down $0.40 during midday trading on Wednesday, hitting $31.65. The stock had a trading volume of 4,355 shares, compared to its average volume of 95,139. The company has a market cap of $2.31 billion, a PE ratio of 20.29 and a beta of 0.89. TowneBank has a 1 year low of $27.85 and a 1 year high of $35.30. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.01 and a quick ratio of 0.97.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 10th. Investors of record on Friday, September 28th will be issued a $0.16 dividend. The ex-dividend date is Thursday, September 27th. This represents a $0.64 annualized dividend and a dividend yield of 2.02%. TowneBank’s dividend payout ratio is presently 41.03%.
Several large investors have recently bought and sold shares of the stock. Raymond James & Associates increased its holdings in shares of TowneBank by 4.5% in the second quarter. Raymond James & Associates now owns 47,414 shares of the bank’s stock valued at $1,522,000 after purchasing an additional 2,044 shares during the last quarter. Victory Capital Management Inc. increased its stake in TowneBank by 15.9% during the second quarter. Victory Capital Management Inc. now owns 15,294 shares of the bank’s stock worth $491,000 after acquiring an additional 2,099 shares during the last quarter. Stratos Wealth Partners LTD. increased its stake in TowneBank by 17.8% during the first quarter. Stratos Wealth Partners LTD. now owns 14,653 shares of the bank’s stock worth $419,000 after acquiring an additional 2,209 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its stake in TowneBank by 11.9% during the second quarter. Metropolitan Life Insurance Co. NY now owns 21,721 shares of the bank’s stock worth $697,000 after acquiring an additional 2,302 shares during the last quarter. Finally, Citigroup Inc. increased its stake in TowneBank by 18.5% during the first quarter. Citigroup Inc. now owns 14,816 shares of the bank’s stock worth $424,000 after acquiring an additional 2,309 shares during the last quarter. 44.17% of the stock is owned by hedge funds and other institutional investors.
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, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.
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