TowneBank (NASDAQ:TOWN) Rating Lowered to Strong Sell at BidaskClub

BidaskClub cut shares of TowneBank (NASDAQ:TOWN) from a sell rating to a strong sell rating in a research report report published on Friday, March 22nd, BidAskClub reports.

Several other analysts have also recently issued reports on TOWN. Zacks Investment Research raised shares of TowneBank from a sell rating to a hold rating in a research note on Thursday, December 13th. ValuEngine raised shares of TowneBank from a sell rating to a hold rating in a research note on Tuesday, February 12th. Brean Capital reaffirmed a hold rating on shares of TowneBank in a research note on Friday, January 25th. Finally, Raymond James cut shares of TowneBank from an outperform rating to a mkt perform rating in a research note on Monday, January 7th. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. The company presently has an average rating of Hold and an average target price of $34.00.

Shares of TOWN stock traded down $0.21 on Friday, reaching $26.45. 63,987 shares of the company were exchanged, compared to its average volume of 109,061. The stock has a market capitalization of $1.91 billion, a P/E ratio of 13.36 and a beta of 1.12. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.52. TowneBank has a 1 year low of $22.88 and a 1 year high of $33.85.

TowneBank (NASDAQ:TOWN) last released its earnings results on Thursday, January 24th. The bank reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.03). The company had revenue of $131.42 million for the quarter, compared to analysts’ expectations of $141.34 million. TowneBank had a return on equity of 9.49% and a net margin of 21.81%. On average, analysts expect that TowneBank will post 2 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Friday, March 29th were paid a dividend of $0.16 per share. The ex-dividend date was Thursday, March 28th. This represents a $0.64 annualized dividend and a yield of 2.42%. TowneBank’s dividend payout ratio is presently 32.32%.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can boosted its holdings in TowneBank by 31.2% in the 4th quarter. Bank of Montreal Can now owns 1,986 shares of the bank’s stock valued at $47,000 after purchasing an additional 472 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in TowneBank by 37.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,028 shares of the bank’s stock valued at $120,000 after purchasing an additional 1,370 shares during the last quarter. Denali Advisors LLC acquired a new position in TowneBank in the 1st quarter valued at about $131,000. Aptus Capital Advisors LLC acquired a new position in TowneBank in the 4th quarter valued at about $172,000. Finally, Vista Investment Management boosted its holdings in TowneBank by 12.7% in the 4th quarter. Vista Investment Management now owns 20,058 shares of the bank’s stock valued at $480,000 after purchasing an additional 2,260 shares during the last quarter. 45.44% of the stock is owned by institutional investors.

TowneBank Company Profile

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, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.

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