BidaskClub upgraded shares of TowneBank (NASDAQ:TOWN) from a strong sell rating to a sell rating in a research note published on Tuesday morning.

Several other equities analysts have also weighed in on TOWN. Zacks Investment Research lowered TowneBank from a buy rating to a hold rating in a research note on Thursday, June 28th. Brean Capital reaffirmed a hold rating on shares of TowneBank in a research note on Tuesday, July 10th. Piper Jaffray Companies set a $34.00 price objective on TowneBank and gave the company a hold rating in a research note on Monday, July 30th. Finally, ValuEngine lowered TowneBank from a hold rating to a sell rating in a research note on Thursday, September 27th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $34.50.

Shares of NASDAQ TOWN traded down $0.84 during midday trading on Tuesday, hitting $28.70. The stock had a trading volume of 168,140 shares, compared to its average volume of 146,998. The firm has a market capitalization of $2.22 billion, a P/E ratio of 18.40 and a beta of 0.90. TowneBank has a 1-year low of $27.85 and a 1-year high of $35.30. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.01 and a quick ratio of 0.97.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings data on Friday, July 27th. The bank reported $0.49 earnings per share for the quarter, meeting the consensus estimate of $0.49. The business had revenue of $137.06 million for the quarter, compared to analyst estimates of $133.65 million. TowneBank had a return on equity of 9.46% and a net margin of 18.11%. On average, equities research analysts expect that TowneBank will post 2.04 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 10th. Investors of record on Friday, September 28th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend was Thursday, September 27th. TowneBank’s dividend payout ratio (DPR) is presently 41.03%.

A number of institutional investors have recently added to or reduced their stakes in TOWN. ACG Wealth acquired a new position in TowneBank during the 2nd quarter worth approximately $203,000. Principal Financial Group Inc. acquired a new position in TowneBank during the 1st quarter worth approximately $290,000. Xact Kapitalforvaltning AB lifted its position in TowneBank by 70.3% during the 1st quarter. Xact Kapitalforvaltning AB now owns 11,388 shares of the bank’s stock worth $326,000 after acquiring an additional 4,700 shares in the last quarter. Citigroup Inc. lifted its position in TowneBank by 18.5% during the 1st quarter. Citigroup Inc. now owns 14,816 shares of the bank’s stock worth $424,000 after acquiring an additional 2,309 shares in the last quarter. Finally, Lara May & Associates LLC acquired a new position in TowneBank during the 1st quarter worth approximately $457,000. 44.17% of the stock is currently owned by hedge funds and other 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, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.

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Analyst Recommendations for TowneBank (NASDAQ:TOWN)

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