TowneBank (NASDAQ:TOWN) Trading Down 4.8% – Should You Sell?

TowneBank (NASDAQ:TOWN)’s share price fell 4.8% during trading on Thursday . The stock traded as low as $32.07 and last traded at $32.33. 59,382 shares traded hands during trading, a decline of 76% from the average session volume of 249,530 shares. The stock had previously closed at $33.97.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Keefe, Bruyette & Woods upgraded TowneBank from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $35.00 to $40.00 in a research report on Wednesday, October 2nd. StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th.

TowneBank Trading Down 1.1 %

The company has a market cap of $2.44 billion, a PE ratio of 16.18 and a beta of 0.89. The stock has a 50 day moving average price of $33.64 and a 200 day moving average price of $30.15.

TowneBank (NASDAQ:TOWN) last released its earnings results on Wednesday, October 23rd. The bank reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02. The company had revenue of $258.86 million during the quarter, compared to analysts’ expectations of $179.80 million. TowneBank had a return on equity of 7.56% and a net margin of 15.33%. During the same quarter last year, the business posted $0.60 EPS. Equities analysts expect that TowneBank will post 2.12 EPS for the current fiscal year.

TowneBank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date was Monday, September 30th. TowneBank’s payout ratio is 49.75%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Arbor Investment Advisors LLC purchased a new position in TowneBank during the third quarter valued at $577,000. Wealth Enhancement Advisory Services LLC raised its stake in TowneBank by 6.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 9,753 shares of the bank’s stock valued at $322,000 after buying an additional 617 shares during the last quarter. SG Americas Securities LLC purchased a new position in TowneBank during the third quarter valued at $516,000. Point72 DIFC Ltd purchased a new position in TowneBank during the second quarter valued at $73,000. Finally, Cubist Systematic Strategies LLC raised its stake in TowneBank by 315.8% during the second quarter. Cubist Systematic Strategies LLC now owns 95,407 shares of the bank’s stock valued at $2,602,000 after buying an additional 72,464 shares during the last quarter. Hedge funds and other institutional investors own 55.99% of the company’s stock.

About TowneBank

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.