TowneBank (NASDAQ:TOWN) Downgraded by BidaskClub

BidaskClub lowered shares of TowneBank (NASDAQ:TOWN) from a hold rating to a sell rating in a report released on Thursday, BidAskClub reports.

A number of other brokerages have also commented on TOWN. Zacks Investment Research lowered shares of Hancock Jaffe Laboratories from a buy rating to a hold rating in a research report on Wednesday, June 26th. ValuEngine raised shares of XOMA from a sell rating to a hold rating in a research report on Friday, May 24th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. TowneBank presently has a consensus rating of Hold and a consensus target price of $34.00.

Shares of TOWN stock opened at $27.29 on Thursday. The stock has a fifty day simple moving average of $26.76. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 1.02. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of 13.92 and a beta of 1.09. TowneBank has a 12 month low of $22.88 and a 12 month high of $33.50.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings data on Thursday, April 25th. The bank reported $0.44 EPS for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.05). The business had revenue of $133.85 million during the quarter, compared to the consensus estimate of $138.13 million. TowneBank had a return on equity of 9.31% and a net margin of 22.24%. As a group, equities analysts predict that TowneBank will post 1.92 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 10th. Stockholders of record on Friday, June 28th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend was Thursday, June 27th. This is a positive change from TowneBank’s previous quarterly dividend of $0.16. TowneBank’s payout ratio is currently 36.36%.

Hedge funds have recently made changes to their positions in the company. Thrivent Financial for Lutherans bought a new stake in TowneBank during the fourth quarter worth $1,198,000. LPL Financial LLC raised its position in TowneBank by 8.2% during the fourth quarter. LPL Financial LLC now owns 25,000 shares of the bank’s stock worth $599,000 after acquiring an additional 1,900 shares in the last quarter. Geode Capital Management LLC raised its position in TowneBank by 9.0% during the fourth quarter. Geode Capital Management LLC now owns 790,500 shares of the bank’s stock worth $18,932,000 after acquiring an additional 65,244 shares in the last quarter. Denali Advisors LLC bought a new stake in TowneBank during the first quarter worth $131,000. Finally, Weather Gauge Advisory LLC raised its position in TowneBank by 2.0% during the first quarter. Weather Gauge Advisory LLC now owns 51,335 shares of the bank’s stock worth $1,271,000 after acquiring an additional 996 shares in the last quarter. 45.94% of the stock is currently owned by institutional investors and hedge funds.

TowneBank Company Profile

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, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.

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