Zacks Investment Research lowered shares of Towne Bank (NASDAQ:TOWN) from a hold rating to a sell rating in a research report report published on Tuesday morning.

According to Zacks, “Headquartered in Portsmouth, Virginia, TowneBank is now Virginia’s top community bank operating eighteen banking offices in Chesapeake, Hampton, Portsmouth, Newport News, Virginia Beach, Norfolk, Williamsburg and York County. Towne also offers a full range of financial services through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Insurance Agency, TFA Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage and GSH Real Estate Corporation. Local decision-making is a hallmark of its hometown banking strategy that is delivered through the leadership of each group’s President and Board of Directors. “

Other analysts have also issued reports about the company. Piper Jaffray Companies reissued a neutral rating and set a $32.00 price target on shares of Towne Bank in a research note on Thursday, October 5th. BidaskClub lowered Towne Bank from a hold rating to a sell rating in a research note on Wednesday, July 19th.

Towne Bank (NASDAQ TOWN) traded up $0.20 during trading on Tuesday, reaching $33.60. The company’s stock had a trading volume of 59,843 shares, compared to its average volume of 124,300. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 0.96. The stock has a market cap of $2,124.32, a P/E ratio of 22.48 and a beta of 1.00.

Towne Bank (NASDAQ:TOWN) last released its earnings results on Thursday, October 26th. The bank reported $0.44 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.01). Towne Bank had a net margin of 19.55% and a return on equity of 8.49%. The business had revenue of $115.34 million during the quarter, compared to the consensus estimate of $118.96 million. sell-side analysts forecast that Towne Bank will post 1.54 earnings per share for the current year.

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The company also recently declared a quarterly dividend, which was paid on Thursday, October 12th. Stockholders of record on Friday, September 29th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend was Thursday, September 28th. Towne Bank’s payout ratio is 36.84%.

Hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new stake in shares of Towne Bank during the second quarter valued at about $144,000. US Bancorp DE boosted its stake in shares of Towne Bank by 1,216.4% during the second quarter. US Bancorp DE now owns 5,055 shares of the bank’s stock valued at $156,000 after purchasing an additional 4,671 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Towne Bank by 17.6% during the second quarter. Victory Capital Management Inc. now owns 6,355 shares of the bank’s stock valued at $196,000 after purchasing an additional 952 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of Towne Bank by 1.8% during the first quarter. Prudential Financial Inc. now owns 6,835 shares of the bank’s stock valued at $221,000 after purchasing an additional 120 shares in the last quarter. Finally, Amalgamated Bank boosted its stake in shares of Towne Bank by 1.6% during the second quarter. Amalgamated Bank now owns 7,135 shares of the bank’s stock valued at $220,000 after purchasing an additional 114 shares in the last quarter. 42.26% of the stock is currently owned by hedge funds and other institutional investors.

Towne Bank Company Profile

TowneBank is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three segments: Banking, Realty and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. The Realty segment provides residential real estate services, originations of a range of mortgage loans, resort property management, and residential and commercial title insurance.

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