Shares of TowneBank (NASDAQ:TOWN - Get Free Report) crossed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $33.22 and traded as low as $33.04. TowneBank shares last traded at $33.15, with a volume of 214,120 shares.
Wall Street Analyst Weigh In
Separately, Keefe, Bruyette & Woods raised shares of TowneBank from a "market perform" rating to an "outperform" rating and increased their price target for the company from $35.00 to $40.00 in a report on Wednesday, October 2nd.
Read Our Latest Stock Report on TowneBank
TowneBank Trading Down 0.9 %
The company has a 50 day moving average of $35.23 and a 200-day moving average of $33.22. The firm has a market capitalization of $2.49 billion, a P/E ratio of 16.66 and a beta of 0.93.
TowneBank (NASDAQ:TOWN - Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.02. The business had revenue of $258.86 million for the quarter, compared to analyst estimates of $179.80 million. TowneBank had a net margin of 14.89% and a return on equity of 7.32%. During the same period last year, the firm earned $0.60 earnings per share. As a group, sell-side analysts forecast that TowneBank will post 2.07 EPS for the current fiscal year.
TowneBank Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.02%. The ex-dividend date of this dividend is Tuesday, December 31st. TowneBank's dividend payout ratio (DPR) is currently 50.25%.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the stock. Point72 DIFC Ltd bought a new stake in TowneBank during the second quarter worth $73,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of TowneBank during the 3rd quarter worth $73,000. KBC Group NV bought a new stake in shares of TowneBank during the 3rd quarter worth $100,000. FMR LLC boosted its stake in TowneBank by 137.8% in the third quarter. FMR LLC now owns 4,882 shares of the bank's stock valued at $161,000 after buying an additional 2,829 shares in the last quarter. Finally, Algert Global LLC bought a new position in TowneBank in the second quarter valued at about $205,000. Institutional investors own 55.99% of the company's stock.
TowneBank Company Profile
(
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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