Zacks Investment Research upgraded shares of TowneBank (NASDAQ:TOWN) from a hold rating to a buy rating in a research report report published on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $32.00 target price on the bank’s stock.
According to Zacks, “TowneBank operates banking offices serving Chesapeake, Chesterfield County, Glen Allen, Hampton, James City County, Mechanicsville, Newport News, Norfolk, Portsmouth, Richmond, Suffolk, Virginia Beach, Williamsburg, and York County in Virginia, along with Raleigh, Cary, Charlotte, Moyock, Grandy, Camden County, Southern Shores, Corolla and Nags Head in North Carolina. Towne also offers a full range of financial services through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. “
TOWN stock opened at $30.03 on Wednesday. The firm has a 50 day moving average price of $29.99 and a 200-day moving average price of $30.75. TowneBank has a 52-week low of $15.55 and a 52-week high of $33.25. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of 10.39 and a beta of 1.15. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.94 and a current ratio of 0.99.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 12th. Investors of record on Thursday, September 30th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, September 29th. This represents a $0.80 dividend on an annualized basis and a yield of 2.66%. TowneBank’s payout ratio is currently 39.80%.
A number of hedge funds and other institutional investors have recently made changes to their positions in TOWN. Amundi Pioneer Asset Management Inc. purchased a new position in TowneBank in the 1st quarter worth approximately $149,000. IndexIQ Advisors LLC purchased a new position in TowneBank in the 1st quarter worth approximately $398,000. Swiss National Bank raised its holdings in TowneBank by 0.8% in the 1st quarter. Swiss National Bank now owns 165,915 shares of the bank’s stock worth $5,044,000 after acquiring an additional 1,300 shares during the last quarter. BNP Paribas Arbitrage SA raised its holdings in TowneBank by 75.4% in the 1st quarter. BNP Paribas Arbitrage SA now owns 31,596 shares of the bank’s stock worth $961,000 after acquiring an additional 13,581 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in TowneBank by 6.4% in the 1st quarter. BlackRock Inc. now owns 5,184,362 shares of the bank’s stock worth $157,603,000 after acquiring an additional 312,122 shares during the last quarter. Institutional investors own 50.08% of the company’s stock.
TowneBank Company Profile
TowneBank engages in the provision of retail and commercial banking services to individuals and small and medium size businesses. It operates through the following segments: Banking, Realty, and Insurance. The Banking segment offers loan and deposit services to retail and commercial customers. The Realty segment focuses on the provision of residential real estate services and originations of a variety of mortgage loans.
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