TowneBank (NASDAQ:TOWN) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of TowneBank (NASDAQ:TOWN) from a sell rating to a hold rating in a research note issued to investors on Monday.

TowneBank Stock Performance

TOWN stock opened at $26.99 on Monday. TowneBank has a fifty-two week low of $21.63 and a fifty-two week high of $31.08. The business’s 50-day moving average is $26.94 and its two-hundred day moving average is $27.64. The company has a market cap of $1.96 billion, a price-to-earnings ratio of 13.43 and a beta of 0.91.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings data on Wednesday, April 24th. The bank reported $0.48 EPS for the quarter, hitting the consensus estimate of $0.48. TowneBank had a return on equity of 7.45% and a net margin of 15.50%. The firm had revenue of $167.10 million for the quarter, compared to the consensus estimate of $169.68 million. During the same quarter last year, the company earned $0.62 earnings per share. The business’s revenue for the quarter was down 9.2% compared to the same quarter last year. Equities analysts predict that TowneBank will post 2.07 earnings per share for the current year.

TowneBank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.71%. The ex-dividend date of this dividend is Friday, June 28th. TowneBank’s dividend payout ratio (DPR) is currently 49.75%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. TFO Wealth Partners LLC grew its position in shares of TowneBank by 43,600.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,311 shares of the bank’s stock worth $39,000 after purchasing an additional 1,308 shares in the last quarter. Sound Income Strategies LLC purchased a new stake in shares of TowneBank during the fourth quarter worth about $79,000. Heritage Wealth Advisors grew its position in shares of TowneBank by 2,973.3% during the first quarter. Heritage Wealth Advisors now owns 3,565 shares of the bank’s stock worth $100,000 after purchasing an additional 3,449 shares in the last quarter. EMC Capital Management grew its position in shares of TowneBank by 230.4% during the first quarter. EMC Capital Management now owns 5,703 shares of the bank’s stock worth $160,000 after purchasing an additional 3,977 shares in the last quarter. Finally, Bessemer Group Inc. grew its position in shares of TowneBank by 45.2% during the first quarter. Bessemer Group Inc. now owns 6,817 shares of the bank’s stock worth $191,000 after purchasing an additional 2,121 shares in the last quarter. Institutional investors own 55.99% of the company’s stock.

TowneBank Company Profile

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.