Zacks: Towne Bank (TOWN) Given $34.00 Consensus Price Target by Brokerages
Shares of Towne Bank (NASDAQ:TOWN) have earned an average broker rating score of 3.00 (Hold) from the three analysts that cover the stock, Zacks Investment Research reports. Three investment analysts have rated the stock with a hold rating.
Brokerages have set a 12 month consensus price target of $34.00 for the company and are forecasting that the company will post $0.36 EPS for the current quarter, according to Zacks. Zacks has also assigned Towne Bank an industry rank of 196 out of 265 based on the ratings given to its competitors.
Several research analysts have recently commented on the stock. Brean Capital assumed coverage on shares of Towne Bank in a report on Friday, December 1st. They set a “hold” rating on the stock. Piper Jaffray Companies reaffirmed a “neutral” rating and set a $32.00 target price on shares of Towne Bank in a report on Thursday, October 5th. Finally, Zacks Investment Research raised shares of Towne Bank from a “sell” rating to a “hold” rating in a report on Wednesday, September 27th.
Towne Bank (TOWN) traded down $0.55 during trading on Wednesday, reaching $32.90. 128,800 shares of the company’s stock traded hands, compared to its average volume of 153,162. The company has a market cap of $2,095.34, a PE ratio of 22.15 and a beta of 0.98. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.96 and a current ratio of 1.02. Towne Bank has a 52-week low of $28.55 and a 52-week high of $35.30.
Towne Bank (NASDAQ:TOWN) last released its quarterly earnings results on Thursday, October 26th. The bank reported $0.44 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.01). Towne Bank had a net margin of 19.55% and a return on equity of 8.49%. The company had revenue of $115.34 million during the quarter, compared to the consensus estimate of $118.96 million. equities analysts forecast that Towne Bank will post 1.57 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 12th. Stockholders of record on Friday, December 29th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.56 annualized dividend and a dividend yield of 1.70%. Towne Bank’s dividend payout ratio is presently 36.84%.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Aldebaran Financial Inc. increased its holdings in shares of Towne Bank by 0.4% during the second quarter. Aldebaran Financial Inc. now owns 9,073 shares of the bank’s stock worth $279,000 after purchasing an additional 38 shares during the period. Amalgamated Bank increased its holdings in shares of Towne Bank by 1.6% during the second quarter. Amalgamated Bank now owns 7,135 shares of the bank’s stock worth $220,000 after purchasing an additional 114 shares during the period. Legal & General Group Plc increased its holdings in shares of Towne Bank by 1.3% during the second quarter. Legal & General Group Plc now owns 19,101 shares of the bank’s stock worth $589,000 after purchasing an additional 240 shares during the period. Prudential Financial Inc. boosted its position in shares of Towne Bank by 5.7% during the 2nd quarter. Prudential Financial Inc. now owns 7,225 shares of the bank’s stock worth $223,000 after acquiring an additional 390 shares in the last quarter. Finally, Stratos Wealth Partners LTD. boosted its position in shares of Towne Bank by 5.4% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 12,427 shares of the bank’s stock worth $383,000 after acquiring an additional 634 shares in the last quarter. 44.33% of the stock is currently owned by institutional investors.
Towne Bank Company Profile
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.
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