TowneBank (TOWN) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of TowneBank (NASDAQ:TOWN) from a sell rating to a hold rating in a research note released on Thursday morning.

According to Zacks, “Headquartered in Portsmouth, Virginia, TowneBank is now Virginia’s top community bank operating eighteen banking offices in Chesapeake, Hampton, Portsmouth, Newport News, Virginia Beach, Norfolk, Williamsburg and York County. Towne also offers a full range of financial services through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Insurance Agency, TFA Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage and GSH Real Estate Corporation. Local decision-making is a hallmark of its hometown banking strategy that is delivered through the leadership of each group’s President and Board of Directors. “

TOWN has been the topic of a number of other reports. Piper Jaffray Companies reaffirmed a neutral rating and issued a $32.00 price target on shares of TowneBank in a research note on Thursday, October 5th. Keefe, Bruyette & Woods reiterated a hold rating and issued a $35.00 price objective on shares of TowneBank in a research report on Friday, December 22nd. BidaskClub lowered TowneBank from a buy rating to a hold rating in a research report on Tuesday, December 12th. Finally, Brean Capital assumed coverage on TowneBank in a research report on Friday, December 1st. They issued a hold rating on the stock. Five investment analysts have rated the stock with a hold rating, The company currently has a consensus rating of Hold and a consensus price target of $34.33.

Shares of TowneBank (NASDAQ TOWN) traded down $0.15 during midday trading on Thursday, hitting $31.45. The company had a trading volume of 90,300 shares, compared to its average volume of 152,940. The stock has a market cap of $1,979.45, a PE ratio of 20.69 and a beta of 0.98. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.47. TowneBank has a 52 week low of $28.55 and a 52 week high of $35.30.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings data on Thursday, October 26th. The bank reported $0.44 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.01). The firm had revenue of $115.34 million for the quarter, compared to analysts’ expectations of $118.96 million. TowneBank had a net margin of 19.55% and a return on equity of 8.49%. sell-side analysts anticipate that TowneBank will post 1.57 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, January 12th. Investors of record on Friday, December 29th will be given a dividend of $0.14 per share. The ex-dividend date is Thursday, December 28th. This represents a $0.56 annualized dividend and a dividend yield of 1.78%. TowneBank’s dividend payout ratio is presently 36.84%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TOWN. Russell Investments Group Ltd. raised its stake in TowneBank by 9.9% during the second quarter. Russell Investments Group Ltd. now owns 30,178 shares of the bank’s stock valued at $930,000 after buying an additional 2,728 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of TowneBank by 1.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 248,003 shares of the bank’s stock worth $7,639,000 after purchasing an additional 3,522 shares during the last quarter. Rhumbline Advisers raised its stake in shares of TowneBank by 4.5% in the second quarter. Rhumbline Advisers now owns 72,860 shares of the bank’s stock worth $2,244,000 after purchasing an additional 3,113 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of TowneBank in the second quarter worth $144,000. Finally, Bank of New York Mellon Corp raised its stake in shares of TowneBank by 8.6% in the second quarter. Bank of New York Mellon Corp now owns 590,251 shares of the bank’s stock worth $18,180,000 after purchasing an additional 46,557 shares during the last quarter. Institutional investors own 44.28% of the company’s stock.

ILLEGAL ACTIVITY WARNING: “TowneBank (TOWN) Upgraded by Zacks Investment Research to Hold” was first posted by Week Herald and is the sole property of of Week Herald. If you are viewing this piece on another website, it was illegally copied and reposted in violation of US and international copyright & trademark legislation. The correct version of this piece can be accessed at https://weekherald.com/2017/12/29/townebank-town-upgraded-by-zacks-investment-research-to-hold.html.

About TowneBank

TowneBank is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three segments: Banking, Realty and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. The Realty segment provides residential real estate services, originations of a range of mortgage loans, resort property management, and residential and commercial title insurance.

Receive News & Ratings for TowneBank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TowneBank and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply