TowneBank (NASDAQ:TOWN) has been given an average recommendation of “Hold” by the eight analysts that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $33.67.
A number of research analysts recently issued reports on the company. BidaskClub upgraded TowneBank from a “hold” rating to a “buy” rating in a research report on Thursday, June 21st. Brean Capital restated a “hold” rating on shares of TowneBank in a research report 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 report on Monday, July 30th. Finally, Zacks Investment Research lowered TowneBank from a “buy” rating to a “hold” rating in a research report on Thursday, June 28th.
A number of large investors have recently added to or reduced their stakes in TOWN. MetLife Investment Advisors LLC boosted its position in TowneBank by 9.4% during the 2nd quarter. MetLife Investment Advisors LLC now owns 30,317 shares of the bank’s stock worth $973,000 after acquiring an additional 2,606 shares during the period. Maltese Capital Management LLC boosted its position in TowneBank by 180.0% during the 2nd quarter. Maltese Capital Management LLC now owns 70,000 shares of the bank’s stock worth $2,247,000 after acquiring an additional 45,000 shares during the period. Metropolitan Life Insurance Co. NY boosted its position in TowneBank by 11.9% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 21,721 shares of the bank’s stock worth $697,000 after acquiring an additional 2,302 shares during the period. Millennium Management LLC boosted its position in TowneBank by 328.2% during the 2nd quarter. Millennium Management LLC now owns 372,073 shares of the bank’s stock worth $11,944,000 after acquiring an additional 285,178 shares during the period. Finally, BlueMountain Capital Management LLC boosted its position in TowneBank by 17.8% during the 2nd quarter. BlueMountain Capital Management LLC now owns 26,265 shares of the bank’s stock worth $843,000 after acquiring an additional 3,960 shares during the period. Institutional investors and hedge funds own 44.16% of the company’s stock.
TowneBank (NASDAQ:TOWN) last released its quarterly earnings data on Friday, July 27th. The bank reported $0.49 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.49. TowneBank had a return on equity of 9.46% and a net margin of 18.11%. The business had revenue of $137.06 million during the quarter, compared to analyst estimates of $133.65 million. Equities analysts expect that TowneBank will post 2.04 EPS for the current fiscal year.
The business also recently disclosed 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. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $0.64 dividend on an annualized basis and a yield of 2.22%. TowneBank’s dividend payout ratio is currently 41.03%.
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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