TowneBank (NASDAQ:TOWN) Price Target Raised to $35.00

TowneBank (NASDAQ:TOWN) had its price target increased by Keefe, Bruyette & Woods from $30.00 to $35.00 in a research note issued to investors on Monday, Benzinga reports. They currently have a market perform rating on the bank’s stock.

Separately, StockNews.com lowered shares of TowneBank from a hold rating to a sell rating in a research note on Thursday, July 4th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $31.33.

TowneBank Trading Down 3.2 %

Shares of NASDAQ TOWN opened at $32.17 on Monday. TowneBank has a 12-month low of $21.63 and a 12-month high of $33.97. The company has a market cap of $2.41 billion, a price-to-earnings ratio of 16.01 and a beta of 0.90. The stock’s 50 day simple moving average is $28.28 and its 200 day simple moving average is $27.70.

TowneBank (NASDAQ:TOWN) last posted its earnings results on Wednesday, July 24th. The bank reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09. The company had revenue of $174.97 million for the quarter, compared to analysts’ expectations of $172.20 million. TowneBank had a return on equity of 7.61% and a net margin of 15.33%. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period last year, the business posted $0.52 earnings per share. As a group, equities analysts forecast that TowneBank will post 2.1 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were given a $0.25 dividend. The ex-dividend date was Friday, June 28th. This represents a $1.00 dividend on an annualized basis and a yield of 3.11%. TowneBank’s dividend payout ratio is presently 49.75%.

Institutional Trading of TowneBank

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. TFO Wealth Partners LLC increased its stake in shares of TowneBank by 43,600.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,311 shares of the bank’s stock valued at $39,000 after acquiring an additional 1,308 shares during the period. Innealta Capital LLC bought a new stake in shares of TowneBank in the 2nd quarter worth $62,000. Heritage Wealth Advisors lifted its holdings in shares of TowneBank by 2,973.3% in the first quarter. Heritage Wealth Advisors now owns 3,565 shares of the bank’s stock valued at $100,000 after buying an additional 3,449 shares during the period. EMC Capital Management lifted its holdings in shares of TowneBank by 230.4% in the first quarter. EMC Capital Management now owns 5,703 shares of the bank’s stock valued at $160,000 after buying an additional 3,977 shares during the period. Finally, Bessemer Group Inc. boosted its stake in TowneBank by 45.2% during the first quarter. Bessemer Group Inc. now owns 6,817 shares of the bank’s stock valued at $191,000 after buying an additional 2,121 shares in the last quarter. 55.99% of the stock is currently owned by 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.