TowneBank (NASDAQ:TOWN) has earned a consensus rating of “Hold” from the eight brokerages that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and one has given a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $33.00.
TOWN has been the subject of a number of analyst reports. Zacks Investment Research downgraded shares of TowneBank from a “buy” rating to a “hold” rating in a research note on Saturday, September 29th. Brean Capital reaffirmed a “hold” rating on shares of TowneBank in a research note on Monday, October 22nd. BidaskClub raised shares of TowneBank from a “strong sell” rating to a “sell” rating in a research note on Tuesday, October 9th. Raymond James decreased their target price on shares of TowneBank from $35.00 to $31.00 and set a “buy” rating for the company in a research note on Friday, October 26th. Finally, ValuEngine downgraded shares of TowneBank from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th.
Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of TowneBank by 2.7% during the third quarter. Vanguard Group Inc. now owns 5,624,397 shares of the bank’s stock valued at $173,513,000 after buying an additional 149,181 shares during the last quarter. BlackRock Inc. grew its holdings in shares of TowneBank by 3.7% during the third quarter. BlackRock Inc. now owns 4,587,217 shares of the bank’s stock valued at $141,515,000 after buying an additional 164,172 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of TowneBank by 1.5% during the third quarter. Dimensional Fund Advisors LP now owns 2,374,360 shares of the bank’s stock valued at $73,248,000 after buying an additional 34,911 shares during the last quarter. Northern Trust Corp grew its holdings in shares of TowneBank by 63.4% during the second quarter. Northern Trust Corp now owns 1,236,785 shares of the bank’s stock valued at $39,700,000 after buying an additional 479,948 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of TowneBank by 5.7% during the third quarter. Renaissance Technologies LLC now owns 905,527 shares of the bank’s stock valued at $27,936,000 after buying an additional 48,700 shares during the last quarter. Hedge funds and other institutional investors own 44.41% of the company’s stock.
TowneBank (NASDAQ:TOWN) last announced its earnings results on Thursday, October 25th. The bank reported $0.54 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.01. TowneBank had a net margin of 19.03% and a return on equity of 9.94%. The business had revenue of $137.91 million during the quarter, compared to the consensus estimate of $138.83 million. On average, analysts forecast that TowneBank will post 2.04 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 11th. Stockholders of record on Friday, December 28th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Thursday, December 27th. TowneBank’s payout ratio is 41.03%.
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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