Brokerages Set TowneBank (NASDAQ:TOWN) PT at $28.75

TowneBank (NASDAQ:TOWN) has received a consensus rating of “Hold” from the four research firms that are covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $28.75.

A number of brokerages have recently weighed in on TOWN. Raymond James increased their price objective on TowneBank from $28.00 to $32.00 and gave the company an “outperform” rating in a report on Friday, January 5th. StockNews.com lowered shares of TowneBank from a “hold” rating to a “sell” rating in a research report on Thursday, February 8th.

TowneBank Stock Performance

Shares of TowneBank stock opened at $27.77 on Friday. The company has a 50 day moving average price of $27.53 and a 200 day moving average price of $26.50. The firm has a market capitalization of $2.02 billion, a P/E ratio of 13.42 and a beta of 0.88. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.10. TowneBank has a 52 week low of $21.22 and a 52 week high of $31.08.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings results on Wednesday, January 24th. The bank reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.05). The company had revenue of $155.55 million during the quarter, compared to analysts’ expectations of $164.67 million. TowneBank had a return on equity of 8.03% and a net margin of 16.33%. The firm’s quarterly revenue was down 11.3% compared to the same quarter last year. Sell-side analysts expect that TowneBank will post 2.14 EPS for the current year.

TowneBank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 29th will be paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, March 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.60%. TowneBank’s payout ratio is 48.31%.

Institutional Trading of TowneBank

A number of hedge funds have recently added to or reduced their stakes in TOWN. Comerica Bank purchased a new position in TowneBank in the third quarter valued at $27,000. TFO Wealth Partners LLC increased its stake in shares of TowneBank by 43,600.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,311 shares of the bank’s stock valued at $39,000 after purchasing an additional 1,308 shares in the last quarter. EMC Capital Management raised its holdings in TowneBank by 72.6% in the 3rd quarter. EMC Capital Management now owns 1,726 shares of the bank’s stock worth $40,000 after purchasing an additional 726 shares during the period. Tower Research Capital LLC TRC boosted its position in TowneBank by 230.4% during the first quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the bank’s stock worth $49,000 after purchasing an additional 1,281 shares in the last quarter. Finally, Sound Income Strategies LLC acquired a new stake in TowneBank in the fourth quarter valued at approximately $79,000. 55.99% of the stock is owned by hedge funds and other institutional investors.

TowneBank Company Profile

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.