TowneBank (TOWN) Given “Hold” Rating at Brean Capital
Other research analysts also recently issued research reports about the company. Zacks Investment Research upgraded TowneBank from a hold rating to a buy rating and set a $37.00 target price for the company in a research note on Wednesday, August 1st. BidaskClub upgraded TowneBank from a hold rating to a buy rating in a research note on Wednesday, June 6th. Finally, Piper Jaffray Companies set a $34.00 target price on TowneBank and gave the stock a hold rating in a research note on Monday, July 30th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $34.50.
TOWN stock opened at $32.30 on Monday. The company has a quick ratio of 0.97, a current ratio of 1.01 and a debt-to-equity ratio of 0.60. The firm has a market cap of $2.35 billion, a PE ratio of 20.71 and a beta of 0.99. TowneBank has a fifty-two week low of $27.85 and a fifty-two week high of $35.30.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 10th. Shareholders of record on Friday, September 28th will be paid a $0.16 dividend. The ex-dividend date is Thursday, September 27th. This represents a $0.64 annualized dividend and a yield of 1.98%. TowneBank’s dividend payout ratio is currently 41.03%.
Hedge funds and other institutional investors have recently modified their holdings of the business. ACG Wealth bought a new position in TowneBank in the 2nd quarter worth about $203,000. Evermay Wealth Management LLC bought a new position in TowneBank in the 1st quarter worth about $231,000. Trexquant Investment LP bought a new stake in shares of TowneBank during the 1st quarter valued at about $237,000. SG Americas Securities LLC boosted its position in shares of TowneBank by 89.3% during the 1st quarter. SG Americas Securities LLC now owns 8,442 shares of the bank’s stock valued at $241,000 after acquiring an additional 3,983 shares during the last quarter. Finally, Principal Financial Group Inc. bought a new stake in shares of TowneBank during the 1st quarter valued at about $290,000. Institutional investors and hedge funds own 44.20% of the company’s stock.
TowneBank Company Profile
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, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.
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