TowneBank (TOWN) Upgraded by Zacks Investment Research to Hold
Zacks Investment Research upgraded shares of TowneBank (NASDAQ:TOWN) from a sell rating to a hold rating in a report issued on Thursday morning.
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. “
Several other equities analysts have also recently weighed in on TOWN. Brean Capital reiterated a hold rating on shares of TowneBank in a research note on Monday, August 27th. BidaskClub cut shares of TowneBank from a hold rating to a sell rating in a research note on Friday, August 31st. ValuEngine cut shares of TowneBank from a hold rating to a sell rating in a research note on Thursday, September 27th. Finally, Raymond James lowered their price objective on shares of TowneBank from $35.00 to $31.00 and set a buy rating on the stock in a research note on Friday, October 26th. Two analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $33.80.
TowneBank (NASDAQ:TOWN) last issued its quarterly earnings data on Thursday, October 25th. The bank reported $0.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.01. TowneBank had a net margin of 19.03% and a return on equity of 9.94%. The firm had revenue of $137.91 million for the quarter, compared to analysts’ expectations of $138.83 million. Analysts expect that TowneBank will post 2.04 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 11th. Stockholders of record on Friday, December 28th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Thursday, December 27th. TowneBank’s dividend payout ratio (DPR) is presently 41.03%.
Several large investors have recently modified their holdings of TOWN. Millennium Management LLC raised its stake in TowneBank by 328.2% during the 2nd quarter. Millennium Management LLC now owns 372,073 shares of the bank’s stock worth $11,944,000 after acquiring an additional 285,178 shares during the period. MetLife Investment Advisors LLC raised its stake in TowneBank by 9.4% during the 2nd quarter. MetLife Investment Advisors LLC now owns 30,317 shares of the bank’s stock worth $973,000 after acquiring an additional 2,606 shares during the period. California Public Employees Retirement System raised its stake in TowneBank by 2.5% during the 2nd quarter. California Public Employees Retirement System now owns 122,104 shares of the bank’s stock worth $3,920,000 after acquiring an additional 2,959 shares during the period. Maltese Capital Management LLC raised its stake in TowneBank by 180.0% during the 2nd quarter. Maltese Capital Management LLC now owns 70,000 shares of the bank’s stock worth $2,247,000 after acquiring an additional 45,000 shares during the period. Finally, Metropolitan Life Insurance Co. NY raised its stake in TowneBank by 11.9% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 21,721 shares of the bank’s stock worth $697,000 after acquiring an additional 2,302 shares during the period. Hedge funds and other institutional investors own 44.41% of the company’s stock.
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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