Towne Bank (NASDAQ:TOWN) Price Target Raised to $39.00

Towne Bank (NASDAQ:TOWN) had its target price boosted by Keefe, Bruyette & Woods from $38.00 to $39.00 in a research note issued to investors on Tuesday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank’s stock.

Separately, Weiss Ratings cut Towne Bank from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Friday, October 2nd. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Towne Bank has a consensus rating of “Moderate Buy” and an average price target of $40.00.

Towne Bank Price Performance

Shares of TOWN opened at $36.62 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.90 and a quick ratio of 0.88. Towne Bank has a 1-year low of $31.91 and a 1-year high of $39.03. The stock has a market cap of $2.89 billion, a PE ratio of 9.32 and a beta of 0.73. The firm has a fifty day moving average price of $36.36 and a 200 day moving average price of $35.69.

Towne Bank (NASDAQ:TOWN) last issued its quarterly earnings data on Wednesday, October 28th. The bank reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.09. Towne Bank had a return on equity of 10.01% and a net margin of 28.12%. The company had revenue of $255.20 million for the quarter, compared to analyst estimates of $250.66 million. As a group, sell-side analysts anticipate that Towne Bank will post 3.17 EPS for the current year.

Towne Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Friday, September 25th were paid a $0.28 dividend. The ex-dividend date was Friday, September 25th. This represents a $1.12 dividend on an annualized basis and a yield of 3.1%. Towne Bank’s payout ratio is currently 28.50%.

Institutional Investors Weigh In On Towne Bank

Several hedge funds have recently made changes to their positions in TOWN. Fifth Third Bancorp lifted its stake in shares of Towne Bank by 21.6% in the 3rd quarter. Fifth Third Bancorp now owns 2,920 shares of the bank’s stock worth $104,000 after acquiring an additional 519 shares during the period. Keybank National Association OH boosted its holdings in shares of Towne Bank by 17.8% in the third quarter. Keybank National Association OH now owns 21,230 shares of the bank’s stock valued at $757,000 after acquiring an additional 3,215 shares in the last quarter. Alps Advisors Inc. acquired a new position in shares of Towne Bank during the third quarter worth about $554,000. Kestra Private Wealth Services LLC acquired a new position in shares of Towne Bank during the third quarter worth about $309,000. Finally, Covestor Ltd increased its stake in shares of Towne Bank by 46.7% during the third quarter. Covestor Ltd now owns 952 shares of the bank’s stock worth $34,000 after acquiring an additional 303 shares during the period. Institutional investors and hedge funds own 55.99% of the company’s stock.

Towne Bank Company Profile

TowneBank is a financial services company headquartered in coastal Virginia. Founded in 1999, the company operates as a community-focused banking organization serving individuals, families and businesses in southeastern Virginia and northeastern North Carolina.

Through its banking operations, TowneBank offers deposit accounts, consumer and commercial lending, mortgages, cash-management services, online and mobile banking, and other traditional financial products. Its business banking services support companies with commercial real estate financing, business loans, treasury management and related banking needs.

Beyond traditional banking, TowneBank provides services through affiliated businesses in areas that include mortgage lending, insurance, wealth management, real estate brokerage and property management.