Towne Bank (NASDAQ:TOWN) Share Price Passes Below Two Hundred Day Moving Average – Here’s What Happened

Towne Bank (NASDAQ:TOWN)’s stock price passed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $34.68 and traded as low as $33.88. Towne Bank shares last traded at $34.0150, with a volume of 238,491 shares.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on TOWN shares. Wall Street Zen upgraded Towne Bank from a “sell” rating to a “hold” rating in a report on Sunday, October 26th. Weiss Ratings reissued a “buy (b-)” rating on shares of Towne Bank in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Towne Bank presently has an average rating of “Moderate Buy” and an average target price of $41.00.

Towne Bank Stock Down 0.6%

The stock has a market capitalization of $2.55 billion, a P/E ratio of 15.19 and a beta of 0.79. The stock has a 50 day moving average price of $33.67 and a 200-day moving average price of $34.68. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.87 and a quick ratio of 0.86.

Towne Bank (NASDAQ:TOWN) last released its quarterly earnings data on Wednesday, October 22nd. The bank reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.08. Towne Bank had a return on equity of 9.64% and a net margin of 15.69%.The firm had revenue of $215.67 million during the quarter, compared to analyst estimates of $222.28 million. During the same quarter in the prior year, the firm posted $0.58 earnings per share. As a group, research analysts expect that Towne Bank will post 2.6 EPS for the current fiscal year.

Towne Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 7th. Shareholders of record on Friday, December 26th will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Friday, December 26th. This represents a $1.08 dividend on an annualized basis and a yield of 3.2%. Towne Bank’s dividend payout ratio is presently 48.21%.

Institutional Investors Weigh In On Towne Bank

Several institutional investors and hedge funds have recently modified their holdings of TOWN. AMG National Trust Bank boosted its holdings in shares of Towne Bank by 0.6% during the 3rd quarter. AMG National Trust Bank now owns 51,733 shares of the bank’s stock valued at $1,788,000 after buying an additional 327 shares in the last quarter. Global Retirement Partners LLC increased its stake in Towne Bank by 44.1% during the 3rd quarter. Global Retirement Partners LLC now owns 1,104 shares of the bank’s stock valued at $38,000 after purchasing an additional 338 shares in the last quarter. SummerHaven Investment Management LLC raised its holdings in Towne Bank by 1.6% in the second quarter. SummerHaven Investment Management LLC now owns 28,643 shares of the bank’s stock worth $979,000 after buying an additional 443 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Towne Bank by 4.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 10,098 shares of the bank’s stock worth $364,000 after buying an additional 463 shares during the last quarter. Finally, Richardson Financial Services Inc. lifted its stake in shares of Towne Bank by 150.3% in the third quarter. Richardson Financial Services Inc. now owns 816 shares of the bank’s stock worth $28,000 after buying an additional 490 shares in the last quarter. 55.99% of the stock is owned by hedge funds and other institutional investors.

About Towne Bank

TowneBank is a Virginia‐based financial services company organized as a bank holding company. Its primary subsidiary, TowneBank, operates a network of community banking offices and mortgage production facilities. The company offers a comprehensive range of commercial and consumer banking solutions, including deposit accounts, lending products, treasury management, and private banking services tailored to individuals, small businesses, and middle‐market corporations.

In addition to traditional banking, TowneBank provides specialty services through affiliated subsidiaries.