Zacks Investment Research Upgrades Two River Bancorp (TRCB) to Buy
Two River Bancorp (NASDAQ:TRCB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $21.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 6.60% from the company’s previous close.
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 (TRCB) traded up 0.76% during trading on Tuesday, reaching $19.85. The company’s stock had a trading volume of 1,888 shares. Two River Bancorp has a 52-week low of $10.81 and a 52-week high of $19.92. The stock has a market cap of $166.48 million, a P/E ratio of 18.74 and a beta of 0.62. The stock has a 50-day moving average of $18.02 and a 200-day moving average of $17.81.
Two River Bancorp (NASDAQ:TRCB) last posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.25 EPS for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.02. Two River Bancorp had a return on equity of 8.86% and a net margin of 21.67%. The firm had revenue of $9.50 million during the quarter, compared to analyst estimates of $9.12 million. Analysts predict that Two River Bancorp will post $0.95 earnings per share for the current fiscal year.
In other Two River Bancorp news, Director Andrew A. Vitale acquired 2,000 shares of the stock in a transaction that occurred on Monday, July 31st. The shares were bought at an average price of $18.21 per share, for a total transaction of $36,420.00. Following the completion of the transaction, the director now owns 19,391 shares of the company’s stock, valued at approximately $353,110.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 16.48% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TRCB. Royce & Associates LP purchased a new stake in Two River Bancorp during the first quarter valued at about $1,325,000. State Street Corp purchased a new stake in Two River Bancorp during the second quarter valued at about $1,292,000. Northern Trust Corp raised its position in Two River Bancorp by 580.9% during the second quarter. Northern Trust Corp now owns 76,053 shares of the financial services provider’s stock valued at $1,414,000 after purchasing an additional 64,883 shares in the last quarter. Vanguard Group Inc. raised its position in Two River Bancorp by 27.4% during the second quarter. Vanguard Group Inc. now owns 147,306 shares of the financial services provider’s stock valued at $2,739,000 after purchasing an additional 31,683 shares in the last quarter. Finally, TIAA CREF Investment Management LLC purchased a new stake in Two River Bancorp during the second quarter valued at about $358,000. Institutional investors and hedge funds own 23.17% of the company’s stock.
About Two River Bancorp
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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