TowneBank (TOWN) Upgraded to Sell at BidaskClub

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

Several other research firms have also commented on TOWN. ValuEngine upgraded TowneBank from a sell rating to a hold rating in a research report on Tuesday, February 12th. Brean Capital reiterated a hold rating on shares of TowneBank in a research report on Monday, February 4th. Raymond James lowered TowneBank from an outperform rating to a mkt perform rating in a research report on Monday, January 7th. Finally, Zacks Investment Research lowered TowneBank from a hold rating to a sell rating in a research report on Wednesday, December 19th. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The company has a consensus rating of Hold and a consensus target price of $34.00.

Shares of TowneBank stock opened at $26.45 on Friday. The stock has a market cap of $1.91 billion, a PE ratio of 13.36 and a beta of 1.12. The company has a quick ratio of 1.00, a current ratio of 1.02 and a debt-to-equity ratio of 0.52. TowneBank has a twelve month low of $22.88 and a twelve month high of $33.85.

TowneBank (NASDAQ:TOWN) last issued its quarterly earnings data on Thursday, January 24th. The bank reported $0.49 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.03). The firm had revenue of $131.42 million for the quarter, compared to analysts’ expectations of $141.34 million. TowneBank had a net margin of 21.81% and a return on equity of 9.49%. Analysts anticipate that TowneBank will post 2 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Friday, March 29th were given a $0.16 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.64 annualized dividend and a yield of 2.42%. TowneBank’s dividend payout ratio is currently 32.32%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans purchased a new position in TowneBank in the fourth quarter worth about $1,198,000. Wells Fargo & Company MN lifted its stake in TowneBank by 4.2% in the third quarter. Wells Fargo & Company MN now owns 142,443 shares of the bank’s stock worth $4,396,000 after purchasing an additional 5,757 shares during the last quarter. IndexIQ Advisors LLC lifted its stake in TowneBank by 3.9% in the third quarter. IndexIQ Advisors LLC now owns 79,484 shares of the bank’s stock worth $2,452,000 after purchasing an additional 3,002 shares during the last quarter. LPL Financial LLC lifted its stake in TowneBank by 8.2% in the fourth quarter. LPL Financial LLC now owns 25,000 shares of the bank’s stock worth $599,000 after purchasing an additional 1,900 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in TowneBank by 2.7% in the third quarter. Vanguard Group Inc. now owns 5,624,397 shares of the bank’s stock worth $173,513,000 after purchasing an additional 149,181 shares during the last quarter. Institutional investors own 45.44% of the company’s stock.

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, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.

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