TowneBank (NASDAQ:TOWN) Upgraded at BidaskClub

BidaskClub upgraded shares of TowneBank (NASDAQ:TOWN) from a sell rating to a hold rating in a research report released on Saturday morning, BidAskClub reports.

Other research analysts have also issued reports about the stock. ValuEngine raised shares of TowneBank from a sell rating to a hold rating in a research report on Monday, July 29th. Zacks Investment Research raised shares of TowneBank from a sell rating to a hold rating in a research report on Wednesday, September 11th. Finally, Piper Jaffray Companies started coverage on shares of TowneBank in a research report on Tuesday, July 16th. They set a neutral rating and a $27.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating, TowneBank presently has an average rating of Hold and an average target price of $29.00.

TowneBank stock opened at $28.14 on Friday. TowneBank has a 1-year low of $22.88 and a 1-year high of $32.20. The firm has a market capitalization of $2.00 billion, a price-to-earnings ratio of 14.21 and a beta of 1.12. The firm’s fifty day moving average price is $26.92 and its two-hundred day moving average price is $26.60. The company has a current ratio of 0.98, a quick ratio of 0.94 and a debt-to-equity ratio of 0.33.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings data on Thursday, July 25th. The bank reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.04). TowneBank had a net margin of 21.63% and a return on equity of 9.06%. The business had revenue of $144.54 million during the quarter, compared to the consensus estimate of $140.67 million. On average, research analysts forecast that TowneBank will post 1.84 EPS for the current year.

The company also recently declared a — dividend, which will be paid on Thursday, October 10th. Investors of record on Monday, September 30th will be given a dividend of $0.18 per share. This represents a dividend yield of 2.7%. The ex-dividend date is Friday, September 27th. TowneBank’s payout ratio is currently 36.36%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its position in shares of TowneBank by 0.9% during the second quarter. JPMorgan Chase & Co. now owns 47,787 shares of the bank’s stock valued at $1,300,000 after purchasing an additional 425 shares in the last quarter. Sterling Capital Management LLC lifted its position in shares of TowneBank by 1.8% during the second quarter. Sterling Capital Management LLC now owns 55,853 shares of the bank’s stock valued at $1,524,000 after purchasing an additional 987 shares in the last quarter. Tower Research Capital LLC TRC bought a new position in shares of TowneBank during the second quarter valued at about $29,000. Palladium Partners LLC lifted its position in shares of TowneBank by 1.0% during the second quarter. Palladium Partners LLC now owns 116,340 shares of the bank’s stock valued at $3,174,000 after purchasing an additional 1,135 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC bought a new position in shares of TowneBank during the second quarter valued at about $34,000. 47.20% of the stock is currently 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, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.

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