TowneBank (TOWN) Given Hold Rating at Piper Jaffray Companies

Piper Jaffray Companies restated their hold rating on shares of TowneBank (NASDAQ:TOWN) in a research report report published on Tuesday morning. They currently have a $35.00 target price on the bank’s stock.

Other analysts also recently issued reports about the stock. Brean Capital restated a hold rating on shares of TowneBank in a report on Tuesday, January 2nd. Zacks Investment Research raised shares of TowneBank from a sell rating to a hold rating in a research note on Thursday, December 28th. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $35.00 price target on shares of TowneBank in a research note on Friday, December 22nd. Finally, BidaskClub cut shares of TowneBank from a buy rating to a hold rating in a research note on Tuesday, December 12th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $34.67.

Shares of TowneBank (NASDAQ:TOWN) opened at $32.45 on Tuesday. TowneBank has a fifty-two week low of $28.55 and a fifty-two week high of $35.30. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 0.47. The firm has a market cap of $2,020.00, a PE ratio of 21.49 and a beta of 0.98.

TowneBank (NASDAQ:TOWN) last posted its earnings results on Thursday, October 26th. The bank reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.01). TowneBank had a return on equity of 8.49% and a net margin of 19.55%. The business had revenue of $115.34 million during the quarter, compared to the consensus estimate of $118.96 million. research analysts anticipate that TowneBank will post 1.57 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, January 12th. Investors of record on Friday, December 29th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.73%. TowneBank’s dividend payout ratio is presently 37.09%.

Several hedge funds have recently added to or reduced their stakes in the stock. Aldebaran Financial Inc. boosted its stake in shares of TowneBank by 0.4% during the 2nd quarter. Aldebaran Financial Inc. now owns 9,073 shares of the bank’s stock worth $279,000 after purchasing an additional 38 shares during the period. Amalgamated Bank boosted its stake in shares of TowneBank by 1.6% during the 2nd quarter. Amalgamated Bank now owns 7,135 shares of the bank’s stock worth $220,000 after purchasing an additional 114 shares during the period. Legal & General Group Plc boosted its stake in shares of TowneBank by 1.3% during the 2nd quarter. Legal & General Group Plc now owns 19,101 shares of the bank’s stock worth $589,000 after purchasing an additional 240 shares during the period. Prudential Financial Inc. boosted its stake in shares of TowneBank by 5.7% during the 2nd quarter. Prudential Financial Inc. now owns 7,225 shares of the bank’s stock worth $223,000 after purchasing an additional 390 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its stake in shares of TowneBank by 3.4% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 28,610 shares of the bank’s stock worth $881,000 after purchasing an additional 943 shares during the period. 44.28% of the stock is owned by hedge funds and other institutional investors.

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TowneBank Company Profile

TowneBank is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three segments: Banking, Realty and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. The Realty segment provides residential real estate services, originations of a range of mortgage loans, resort property management, and residential and commercial title insurance.

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