Towne Bank (TOWN) Given $34.00 Average Price Target by Brokerages
Towne Bank (NASDAQ:TOWN) has earned a consensus broker rating score of 3.00 (Hold) from the three analysts that cover the stock, Zacks Investment Research reports. Three research analysts have rated the stock with a hold rating.
Brokerages have set a 12 month consensus price objective of $34.00 for the company and are anticipating that the company will post $0.36 earnings per share for the current quarter, according to Zacks. Zacks has also given Towne Bank an industry rank of 200 out of 265 based on the ratings given to related companies.
A number of equities analysts recently weighed in on TOWN shares. Zacks Investment Research lowered shares of Towne Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, October 31st. Piper Jaffray Companies set a $34.00 target price on shares of Towne Bank and gave the stock a “hold” rating in a research note on Tuesday, October 31st. Finally, Brean Capital started coverage on shares of Towne Bank in a research note on Friday, December 1st. They issued a “hold” rating for the company.
Towne Bank (NASDAQ:TOWN) last announced its earnings results on Thursday, October 26th. The bank reported $0.44 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.01). The company had revenue of $115.34 million during the quarter, compared to analyst estimates of $118.96 million. Towne Bank had a return on equity of 8.49% and a net margin of 19.55%. analysts predict that Towne Bank will post 1.57 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 12th. Investors of record on Friday, December 29th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date is Thursday, December 28th. Towne Bank’s payout ratio is presently 36.84%.
Several institutional investors have recently bought and sold shares of the company. Aldebaran Financial Inc. boosted its stake in shares of Towne Bank by 0.4% during the 2nd quarter. Aldebaran Financial Inc. now owns 9,073 shares of the bank’s stock worth $279,000 after buying an additional 38 shares during the last quarter. Amalgamated Bank raised its holdings in shares of Towne Bank by 1.6% in the 2nd quarter. Amalgamated Bank now owns 7,135 shares of the bank’s stock valued at $220,000 after purchasing an additional 114 shares during the period. Legal & General Group Plc raised its holdings in shares of Towne Bank by 1.3% in the 2nd quarter. Legal & General Group Plc now owns 19,101 shares of the bank’s stock valued at $589,000 after purchasing an additional 240 shares during the period. Prudential Financial Inc. raised its holdings in shares of Towne Bank by 5.7% in the 2nd quarter. Prudential Financial Inc. now owns 7,225 shares of the bank’s stock valued at $223,000 after purchasing an additional 390 shares during the period. Finally, UBS Asset Management Americas Inc. raised its holdings in shares of Towne Bank by 3.4% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 28,610 shares of the bank’s stock valued at $881,000 after purchasing an additional 943 shares during the period. Institutional investors own 44.33% of the company’s stock.
ILLEGAL ACTIVITY WARNING: “Towne Bank (TOWN) Given $34.00 Average Price Target by Brokerages” was originally posted by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are reading this news story on another site, it was illegally copied and reposted in violation of United States and international copyright and trademark laws. The original version of this news story can be viewed at https://www.thecerbatgem.com/2017/12/11/towne-bank-town-given-34-00-average-price-target-by-brokerages.html.
About Towne Bank
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Stock Ratings for Towne Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Towne Bank and related stocks with our FREE daily email newsletter.