TowneBank (NASDAQ:TOWN) Reaches New 52-Week High - Should You Buy?

TowneBank (NASDAQ:TOWN - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $35.17 and last traded at $35.17, with a volume of 39278 shares. The stock had previously closed at $34.59.

Analyst Ratings Changes

Several research firms recently weighed in on TOWN. StockNews.com upgraded shares of TowneBank from a "sell" rating to a "hold" rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods raised shares of TowneBank from a "market perform" rating to an "outperform" rating and raised their target price for the company from $35.00 to $40.00 in a research note on Wednesday, October 2nd.

TowneBank Stock Performance

The firm has a 50-day moving average price of $33.19 and a 200-day moving average price of $29.76. The stock has a market cap of $2.61 billion, a PE ratio of 17.21 and a beta of 0.89.

TowneBank (NASDAQ:TOWN - Get Free Report) last released its quarterly 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 business had revenue of $174.97 million during the quarter, compared to the consensus estimate of $172.20 million. TowneBank had a return on equity of 7.56% and a net margin of 15.33%. The business's quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.52 EPS. As a group, sell-side analysts anticipate that TowneBank will post 2.12 EPS for the current fiscal year.

TowneBank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 2.87%. TowneBank's dividend payout ratio (DPR) is 49.75%.

Institutional Trading of TowneBank

Several hedge funds have recently modified their holdings of the company. Compton Wealth Advisory Group LLC grew its position in TowneBank by 13.1% in the 1st quarter. Compton Wealth Advisory Group LLC now owns 10,007 shares of the bank's stock valued at $281,000 after acquiring an additional 1,157 shares during the last quarter. BNP Paribas Financial Markets raised its stake in TowneBank by 77.6% in the first quarter. BNP Paribas Financial Markets now owns 34,349 shares of the bank's stock valued at $964,000 after buying an additional 15,004 shares during the last quarter. Choreo LLC raised its stake in shares of TowneBank by 24.7% in the first quarter. Choreo LLC now owns 23,192 shares of the bank's stock worth $651,000 after purchasing an additional 4,596 shares during the last quarter. Empowered Funds LLC raised its stake in shares of TowneBank by 8.2% in the first quarter. Empowered Funds LLC now owns 196,880 shares of the bank's stock worth $5,524,000 after purchasing an additional 14,875 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of TowneBank in the first quarter worth about $234,000. 55.99% of the stock is owned by hedge funds and other institutional investors.

About TowneBank

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.