Two River Bancorp (TRCB) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Two River Bancorp (NASDAQ:TRCB) from a hold rating to a buy rating in a report issued on Tuesday morning. The firm currently has $21.00 target price on the financial services provider’s stock.
According to Zacks, “Two River Bancorp is a state-chartered commercial bank. It engaged in the business of commercial and retail banking. The company offers checking accounts, savings accounts, commercial loans, SBA lending, safe deposit boxes, night depository, wire transfers, money orders, traveler’s checks, automated teller machines, direct deposit, telephone and internet banking. Two River Bancorp, formerly known as Community Partners Bancorp, is headquartered in Tinton Falls, NJ. “
Shares of Two River Bancorp (NASDAQ TRCB) remained flat at $18.65 during midday trading on Tuesday. The company had a trading volume of 637 shares. The company has a market cap of $156.42 million, a price-to-earnings ratio of 17.61 and a beta of 0.62. The company has a 50-day moving average price of $18.02 and a 200 day moving average price of $17.81. Two River Bancorp has a 12-month low of $10.81 and a 12-month high of $18.98.
Two River Bancorp (NASDAQ:TRCB) last announced its earnings results on Tuesday, July 25th. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.02. The company had revenue of $9.50 million for the quarter, compared to analyst estimates of $9.12 million. Two River Bancorp had a return on equity of 8.86% and a net margin of 21.67%. Analysts predict that Two River Bancorp will post $0.95 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 29th. Shareholders of record on Friday, August 11th were given a $0.045 dividend. This is a positive change from Two River Bancorp’s previous quarterly dividend of $0.04. The ex-dividend date of this dividend was Wednesday, August 9th. This represents a $0.18 dividend on an annualized basis and a yield of 0.97%. Two River Bancorp’s payout ratio is presently 16.98%.
In other news, Director Andrew A. Vitale bought 2,000 shares of the business’s stock in a transaction on Monday, July 31st. The shares were bought at an average price of $18.21 per share, with a total value of $36,420.00. Following the completion of the transaction, the director now directly owns 19,391 shares in the company, valued at $353,110.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 16.48% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System purchased a new stake in shares of Two River Bancorp during the second quarter worth $238,000. State Street Corp purchased a new stake in shares of Two River Bancorp during the second quarter worth $1,292,000. OxFORD Asset Management LLP purchased a new stake in shares of Two River Bancorp during the second quarter worth $226,000. Dimensional Fund Advisors LP increased its position in shares of Two River Bancorp by 62.0% during the second quarter. Dimensional Fund Advisors LP now owns 36,443 shares of the financial services provider’s stock worth $677,000 after acquiring an additional 13,942 shares during the period. Finally, Nordea Investment Management AB increased its position in shares of Two River Bancorp by 32.0% during the second quarter. Nordea Investment Management AB now owns 13,200 shares of the financial services provider’s stock worth $245,000 after acquiring an additional 3,200 shares during the period. 23.17% of the stock is currently owned by institutional investors and hedge funds.
Two River Bancorp Company Profile
Two River Bancorp is the holding company for Two River Community Bank (the Bank). The Company acts as an independent community financial services provider. The Company’s segment is community banking operations. The Bank is a state-chartered commercial bank. The Bank offers a range of banking services, including demand, savings and time deposits, and commercial loans, residential loans and consumer/installment loans to small and medium-sized businesses, not-for-profit organizations, professionals and individuals primarily in Monmouth, Middlesex and Union Counties, New Jersey.
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