Stephens reaffirmed their equal weight rating on shares of TowneBank (NASDAQ:TOWN - Free Report) in a report published on Thursday,Benzinga reports. The firm currently has a $41.00 price target on the bank's stock.
Separately, Keefe, Bruyette & Woods upgraded shares of TowneBank from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $35.00 to $40.00 in a report on Wednesday, October 2nd.
View Our Latest Analysis on TowneBank
TowneBank Stock Performance
Shares of NASDAQ TOWN traded up $0.03 during trading on Thursday, reaching $34.87. The stock had a trading volume of 211,193 shares, compared to its average volume of 224,860. The company has a market cap of $2.62 billion, a P/E ratio of 16.22 and a beta of 0.93. TowneBank has a fifty-two week low of $25.70 and a fifty-two week high of $38.28. The business's 50-day moving average price is $35.08 and its 200-day moving average price is $33.76.
TowneBank (NASDAQ:TOWN - Get Free Report) last released its earnings results on Wednesday, January 22nd. The bank reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. Analysts forecast that TowneBank will post 2.47 EPS for the current fiscal year.
TowneBank Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend was Tuesday, December 31st. TowneBank's payout ratio is presently 46.51%.
Institutional Trading of TowneBank
Large investors have recently made changes to their positions in the company. Salem Investment Counselors Inc. purchased a new position in TowneBank in the fourth quarter worth approximately $34,000. Blue Trust Inc. lifted its position in shares of TowneBank by 258.5% during the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock worth $47,000 after purchasing an additional 1,034 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of TowneBank during the third quarter worth $73,000. Point72 DIFC Ltd purchased a new position in TowneBank in the second quarter valued at $73,000. Finally, KBC Group NV acquired a new stake in TowneBank in the third quarter valued at $100,000. 55.99% of the stock is currently owned by hedge funds and other institutional investors.
About TowneBank
(
Get Free Report)
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.
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