TowneBank (NASDAQ:TOWN) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of TowneBank (NASDAQ:TOWN) from a sell rating to a hold rating in a research note issued to investors on Thursday morning, Zacks.com reports.

According to Zacks, “TowneBank operates banking offices serving Chesapeake, Chesterfield County, Glen Allen, Hampton, James City County, Mechanicsville, Newport News, Norfolk, Portsmouth, Richmond, Suffolk, Virginia Beach, Williamsburg, and York County in Virginia, along with Raleigh, Cary, Charlotte, Moyock, Grandy, Camden County, Southern Shores, Corolla and Nags Head in North Carolina. Towne also offers a full range of financial services through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. “

A number of other equities analysts also recently issued reports on TOWN. Piper Jaffray Companies assumed coverage on shares of TowneBank in a research note on Tuesday, July 16th. They set a neutral rating and a $27.00 price objective on the stock. BidaskClub upgraded shares of TowneBank from a sell rating to a hold rating in a research note on Tuesday, July 23rd. Finally, ValuEngine upgraded shares of TowneBank from a sell rating to a hold rating in a research note on Monday. Five investment analysts have rated the stock with a hold rating, The stock has a consensus rating of Hold and a consensus price target of $29.00.

Shares of NASDAQ TOWN traded down $0.22 during midday trading on Thursday, reaching $27.29. 82,271 shares of the company’s stock traded hands, compared to its average volume of 114,006. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 1.02. The stock’s 50 day moving average is $27.36. TowneBank has a one year low of $22.88 and a one year high of $33.20. The stock has a market cap of $1.97 billion, a P/E ratio of 13.78 and a beta of 1.09.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings data 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). TowneBank had a net margin of 21.63% and a return on equity of 9.16%. The business had revenue of $144.54 million for the quarter, compared to the consensus estimate of $140.67 million. Equities analysts predict 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. Shareholders of record on Friday, June 28th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.64%. This is an increase from TowneBank’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Thursday, June 27th. TowneBank’s dividend payout ratio (DPR) is 36.36%.

Institutional investors and hedge funds have recently made changes to their positions in the business. Quantamental Technologies LLC raised its holdings in shares of TowneBank by 118.9% during the first quarter. Quantamental Technologies LLC now owns 1,237 shares of the bank’s stock worth $31,000 after purchasing an additional 672 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of TowneBank during the first quarter worth $33,000. Steward Partners Investment Advisory LLC purchased a new position in shares of TowneBank during the second quarter worth $34,000. Denali Advisors LLC purchased a new position in shares of TowneBank during the first quarter worth $131,000. Finally, Meridian Wealth Management LLC purchased a new position in shares of TowneBank during the first quarter worth $147,000. 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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