TowneBank (NASDAQ:TOWN) Raised to Hold at ValuEngine

ValuEngine upgraded shares of TowneBank (NASDAQ:TOWN) from a sell rating to a hold rating in a research note published on Monday morning, ValuEngine reports.

TOWN has been the subject of a number of other research reports. Piper Jaffray Companies started coverage on TowneBank in a research note on Tuesday, July 16th. They issued a neutral rating and a $27.00 target price for the company. BidaskClub upgraded TowneBank from a sell rating to a hold rating in a research note on Tuesday, July 23rd. Finally, Zacks Investment Research lowered TowneBank from a hold rating to a sell rating in a research note on Saturday, July 13th. Five research analysts have rated the stock with a hold rating, The stock currently has a consensus rating of Hold and a consensus price target of $29.00.

Shares of TOWN traded down $0.44 during midday trading on Monday, hitting $27.07. 1,176 shares of the company’s stock traded hands, compared to its average volume of 104,952. TowneBank has a 1 year low of $22.88 and a 1 year high of $33.20. The company’s fifty day moving average is $27.36. The company has a quick ratio of 0.99, a current ratio of 1.02 and a debt-to-equity ratio of 0.47. The firm has a market cap of $2.04 billion, a PE ratio of 13.64 and a beta of 1.09.

TowneBank (NASDAQ:TOWN) last issued its earnings results on Thursday, July 25th. The bank reported $0.48 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.04). The firm had revenue of $144.54 million during the quarter, compared to analysts’ expectations of $140.67 million. TowneBank had a return on equity of 9.16% and a net margin of 21.63%. As a group, research analysts expect that TowneBank will post 1.87 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 10th. Investors of record on Friday, June 28th were paid a $0.18 dividend. This is a positive change from TowneBank’s previous quarterly dividend of $0.16. The ex-dividend date was Thursday, June 27th. This represents a $0.72 dividend on an annualized basis and a yield of 2.66%. TowneBank’s dividend payout ratio (DPR) is 36.36%.

A number of hedge funds have recently modified their holdings of TOWN. Reliance Trust Co. purchased a new position in TowneBank in the 1st quarter worth $19,996,000. Norges Bank purchased a new position in shares of TowneBank during the 4th quarter valued at about $11,789,000. Geode Capital Management LLC raised its stake in shares of TowneBank by 9.0% during the 4th quarter. Geode Capital Management LLC now owns 790,500 shares of the bank’s stock valued at $18,932,000 after buying an additional 65,244 shares during the last quarter. Thrivent Financial for Lutherans purchased a new position in shares of TowneBank during the 4th quarter valued at about $1,198,000. Finally, DAVENPORT & Co LLC raised its stake in shares of TowneBank by 109.7% during the 2nd quarter. DAVENPORT & Co LLC now owns 68,009 shares of the bank’s stock valued at $1,855,000 after buying an additional 35,578 shares during the last quarter. Institutional investors own 46.05% of the company’s stock.

About TowneBank

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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