Brokerages Set TowneBank (TOWN) Target Price at $34.00

TowneBank (NASDAQ:TOWN) has earned an average recommendation of “Hold” from the six research firms that are covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation and three have assigned a hold recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $34.00.

Several research firms have weighed in on TOWN. Raymond James downgraded shares of TowneBank from an “outperform” rating to a “mkt perform” rating in a research report on Monday, January 7th. ValuEngine upgraded shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Tuesday, February 12th. BidaskClub downgraded shares of TowneBank from a “sell” rating to a “strong sell” rating in a research report on Friday, March 22nd. Brean Capital reiterated a “hold” rating on shares of TowneBank in a research report on Friday, January 25th. Finally, Zacks Investment Research downgraded shares of TowneBank from a “hold” rating to a “sell” rating in a research report on Wednesday, December 19th.

Several hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC increased its position in TowneBank by 9.0% during the fourth quarter. Geode Capital Management LLC now owns 790,500 shares of the bank’s stock worth $18,932,000 after purchasing an additional 65,244 shares during the last quarter. Norges Bank acquired a new stake in shares of TowneBank during the 4th quarter worth approximately $11,789,000. Equitable Trust Co. grew its holdings in shares of TowneBank by 16.7% during the 4th quarter. Equitable Trust Co. now owns 84,711 shares of the bank’s stock worth $2,029,000 after purchasing an additional 12,129 shares in the last quarter. Vista Investment Management grew its holdings in shares of TowneBank by 12.7% during the 4th quarter. Vista Investment Management now owns 20,058 shares of the bank’s stock worth $480,000 after purchasing an additional 2,260 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of TowneBank by 34.5% during the 4th quarter. Legal & General Group Plc now owns 30,372 shares of the bank’s stock worth $728,000 after purchasing an additional 7,783 shares in the last quarter. Hedge funds and other institutional investors own 45.44% of the company’s stock.

NASDAQ:TOWN opened at $26.51 on Friday. TowneBank has a 52 week low of $22.88 and a 52 week high of $33.85. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.00 and a current ratio of 1.02. The company has a market cap of $1.90 billion, a PE ratio of 13.39 and a beta of 1.12.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings results on Thursday, January 24th. The bank reported $0.49 EPS for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.03). TowneBank had a net margin of 21.81% and a return on equity of 9.49%. The firm had revenue of $131.42 million for the quarter, compared to analysts’ expectations of $141.34 million. As a group, equities analysts predict that TowneBank will post 2 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 10th. Stockholders of record on Friday, March 29th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.64 annualized dividend and a dividend yield of 2.41%. TowneBank’s payout ratio is 32.32%.

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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