TowneBank (NASDAQ:TOWN) Receives Consensus Recommendation of “Hold” from Analysts

Shares of TowneBank (NASDAQ:TOWN) have earned a consensus rating of “Hold” from the six research firms that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation and three have assigned a hold recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $27.00.

TOWN has been the subject of a number of recent analyst reports. BidaskClub downgraded YY from a “sell” rating to a “strong sell” rating in a report on Tuesday. ValuEngine downgraded Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. Piper Jaffray Companies initiated coverage on TowneBank in a report on Tuesday, July 16th. They set a “neutral” rating and a $27.00 price target for the company. Finally, Zacks Investment Research upgraded Vistra Energy from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a report on Saturday, July 13th.

NASDAQ TOWN traded up $0.24 on Tuesday, reaching $27.42. The company had a trading volume of 86,701 shares, compared to its average volume of 111,718. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of 13.85 and a beta of 1.09. TowneBank has a fifty-two week low of $22.88 and a fifty-two week high of $33.40. The business has a 50 day moving average price of $27.06. The company has a current ratio of 1.02, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.



TowneBank (NASDAQ:TOWN) last posted its quarterly earnings data on Thursday, April 25th. The bank reported $0.44 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.05). The company had revenue of $133.85 million during the quarter, compared to analyst estimates of $138.13 million. TowneBank had a net margin of 22.24% and a return on equity of 9.31%. On average, equities research analysts forecast that TowneBank will post 1.93 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 10th. Shareholders of record on Friday, June 28th were issued a dividend of $0.18 per share. This is an increase from TowneBank’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date was Thursday, June 27th. TowneBank’s dividend payout ratio (DPR) is presently 36.36%.

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. grew its holdings in TowneBank by 5.3% during the 4th quarter. BlackRock Inc. now owns 4,830,176 shares of the bank’s stock worth $115,682,000 after acquiring an additional 242,959 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of TowneBank by 5.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,508,169 shares of the bank’s stock worth $60,072,000 after purchasing an additional 133,809 shares in the last quarter. Northern Trust Corp boosted its position in shares of TowneBank by 0.7% during the 4th quarter. Northern Trust Corp now owns 1,239,132 shares of the bank’s stock worth $29,678,000 after purchasing an additional 9,065 shares in the last quarter. Reliance Trust Co. boosted its position in shares of TowneBank by 1.4% during the 2nd quarter. Reliance Trust Co. now owns 819,045 shares of the bank’s stock worth $22,385,000 after purchasing an additional 11,106 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of TowneBank by 1.1% during the 4th quarter. Bank of New York Mellon Corp now owns 797,888 shares of the bank’s stock worth $19,108,000 after purchasing an additional 8,447 shares in the last quarter. Hedge funds and other institutional investors own 46.03% 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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