Zacks Investment Research cut shares of TowneBank (NASDAQ:TOWN) from a hold rating to a sell rating in a research report released on Saturday morning, reports.

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. “

A number of other analysts have also weighed in on TOWN. BidaskClub lowered shares of Zynerba Pharmaceuticals from a buy rating to a hold rating in a research note on Thursday, July 11th. ValuEngine upgraded shares of XOMA from a sell rating to a hold rating in a research report on Friday, May 24th. Three equities research analysts have rated the stock with a sell rating and two have given a hold rating to the company. The company currently has a consensus rating of Sell and a consensus target price of $31.67.

NASDAQ:TOWN opened at $26.85 on Friday. The firm has a market capitalization of $1.97 billion, a price-to-earnings ratio of 13.56 and a beta of 1.09. TowneBank has a 1-year low of $22.88 and a 1-year high of $33.50. The business has a fifty day simple moving average of $26.83. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 0.99.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings data on Thursday, April 25th. The bank reported $0.44 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.05). The business had revenue of $133.85 million during the quarter, compared to analyst estimates of $138.13 million. TowneBank had a return on equity of 9.31% and a net margin of 22.24%. Equities research analysts forecast that TowneBank will post 1.92 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 10th. Investors of record on Friday, June 28th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend was Thursday, June 27th. This is a positive change from TowneBank’s previous quarterly dividend of $0.16. TowneBank’s dividend payout ratio (DPR) is currently 36.36%.

Hedge funds have recently added to or reduced their stakes in the stock. Quantamental Technologies LLC grew its position in TowneBank by 118.9% during the first quarter. Quantamental Technologies LLC now owns 1,237 shares of the bank’s stock valued at $31,000 after buying an additional 672 shares during the period. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in TowneBank during the first quarter valued at $33,000. Denali Advisors LLC acquired a new stake in TowneBank during the first quarter valued at $131,000. Meridian Wealth Management LLC acquired a new stake in TowneBank during the first quarter valued at $147,000. Finally, Amundi Pioneer Asset Management Inc. acquired a new stake in TowneBank during the first quarter valued at $149,000. Institutional investors own 45.98% 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, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.

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