Brean Capital Reaffirms “Hold” Rating for TowneBank (TOWN)

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Brean Capital reiterated their hold rating on shares of TowneBank (NASDAQ:TOWN) in a report published on Monday morning.

Several other brokerages have also issued reports on TOWN. BidaskClub lowered shares of TowneBank from a hold rating to a sell rating in a research note on Friday, August 31st. Raymond James lowered their price target on shares of TowneBank from $35.00 to $31.00 and set a buy rating on the stock in a research note on Friday, October 26th. Zacks Investment Research upgraded shares of TowneBank from a hold rating to a buy rating and set a $37.00 price target on the stock in a research note on Wednesday, August 1st. Piper Jaffray Companies set a $34.00 price target on shares of TowneBank and gave the company a hold rating in a research note on Monday, July 30th. Finally, ValuEngine lowered shares of TowneBank from a hold rating to a sell rating in a research note on Thursday, September 27th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. TowneBank currently has an average rating of Hold and a consensus price target of $33.80.

Shares of TOWN stock opened at $28.13 on Monday. The company has a current ratio of 1.01, a quick ratio of 0.97 and a debt-to-equity ratio of 0.60. TowneBank has a 1 year low of $25.50 and a 1 year high of $35.00. The firm has a market capitalization of $2.03 billion, a price-to-earnings ratio of 18.03 and a beta of 0.90.

TowneBank (NASDAQ:TOWN) last issued its quarterly earnings results on Thursday, October 25th. The bank reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. TowneBank had a net margin of 19.03% and a return on equity of 9.94%. The firm had revenue of $137.91 million for the quarter, compared to analyst estimates of $138.83 million. Research analysts expect that TowneBank will post 2.04 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 10th. Stockholders of record on Friday, September 28th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date was Thursday, September 27th. TowneBank’s dividend payout ratio (DPR) is presently 41.03%.

Institutional investors and hedge funds have recently made changes to their positions in the company. ACG Wealth bought a new position in shares of TowneBank in the 2nd quarter valued at about $203,000. Principal Financial Group Inc. bought a new position in shares of TowneBank in the 1st quarter valued at about $290,000. Xact Kapitalforvaltning AB grew its position in shares of TowneBank by 70.3% in the 1st quarter. Xact Kapitalforvaltning AB now owns 11,388 shares of the bank’s stock valued at $326,000 after acquiring an additional 4,700 shares during the period. Zebra Capital Management LLC bought a new position in shares of TowneBank in the 2nd quarter valued at about $487,000. Finally, Victory Capital Management Inc. grew its position in shares of TowneBank by 15.9% in the 2nd quarter. Victory Capital Management Inc. now owns 15,294 shares of the bank’s stock valued at $491,000 after acquiring an additional 2,099 shares during the period. 44.18% of the stock is owned by institutional investors.

About TowneBank

TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.

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Analyst Recommendations for TowneBank (NASDAQ:TOWN)

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