TowneBank (NASDAQ:TOWN) Hits New 12-Month High – Here’s Why

Shares of TowneBank (NASDAQ:TOWN) reached a new 52-week high on Tuesday . The company traded as high as $35.17 and last traded at $35.17, with a volume of 39278 shares traded. The stock had previously closed at $34.59.

Analysts Set New Price Targets

Several analysts recently issued reports on TOWN shares. StockNews.com raised shares of TowneBank from a “sell” rating to a “hold” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods raised shares of TowneBank from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $35.00 to $40.00 in a research report on Wednesday, October 2nd.

TowneBank Stock Performance

The stock has a fifty day moving average price of $33.35 and a two-hundred day moving average price of $29.85. The firm has a market capitalization of $2.66 billion, a P/E ratio of 17.54 and a beta of 0.89.

TowneBank (NASDAQ:TOWN) last issued its earnings results on Wednesday, July 24th. The bank reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.09. TowneBank had a net margin of 15.33% and a return on equity of 7.56%. The company had revenue of $174.97 million for the quarter, compared to analysts’ expectations of $172.20 million. During the same period in the prior year, the company earned $0.52 earnings per share. The firm’s revenue was down 3.6% compared to the same quarter last year. As a group, research analysts anticipate that TowneBank will post 2.12 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 2.82%. TowneBank’s payout ratio is currently 49.51%.

Institutional Trading of TowneBank

Institutional investors and hedge funds have recently made changes to their positions in the stock. Compton Wealth Advisory Group LLC boosted its position in TowneBank by 13.1% during the 1st quarter. Compton Wealth Advisory Group LLC now owns 10,007 shares of the bank’s stock valued at $281,000 after purchasing an additional 1,157 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of TowneBank by 77.6% during the first quarter. BNP Paribas Financial Markets now owns 34,349 shares of the bank’s stock valued at $964,000 after acquiring an additional 15,004 shares during the period. Choreo LLC grew its position in shares of TowneBank by 24.7% during the first quarter. Choreo LLC now owns 23,192 shares of the bank’s stock worth $651,000 after acquiring an additional 4,596 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of TowneBank by 8.2% in the 1st quarter. Empowered Funds LLC now owns 196,880 shares of the bank’s stock worth $5,524,000 after acquiring an additional 14,875 shares during the period. Finally, SG Americas Securities LLC bought a new stake in TowneBank in the 1st quarter valued at about $234,000. 55.99% of the stock is currently owned by institutional investors and hedge funds.

TowneBank Company Profile

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.