Keefe, Bruyette & Woods Raises TowneBank (NASDAQ:TOWN) Price Target to $35.00

TowneBank (NASDAQ:TOWN) had its price objective raised by Keefe, Bruyette & Woods from $30.00 to $35.00 in a research note released on Monday morning, Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank’s stock.

Separately, StockNews.com downgraded shares of TowneBank from a hold rating to a sell rating in a research report on Thursday, July 4th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, TowneBank presently has an average rating of Hold and an average target price of $31.33.

TowneBank Trading Down 3.2 %

TowneBank stock opened at $32.17 on Monday. The firm has a market cap of $2.41 billion, a P/E ratio of 16.01 and a beta of 0.90. TowneBank has a 1-year low of $21.63 and a 1-year high of $33.97. The firm has a 50-day moving average of $28.28 and a 200-day moving average of $27.70.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.09. TowneBank had a return on equity of 7.61% and a net margin of 15.33%. The business had revenue of $174.97 million during the quarter, compared to analysts’ expectations of $172.20 million. During the same quarter last year, the business posted $0.52 EPS. The business’s revenue was down 3.6% on a year-over-year basis. Research analysts forecast that TowneBank will post 2.1 earnings per share for the current fiscal year.

TowneBank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.00 annualized dividend and a dividend yield of 3.11%. TowneBank’s dividend payout ratio is presently 49.75%.

Hedge Funds Weigh In On TowneBank

A number of institutional investors have recently added to or reduced their stakes in TOWN. Rhumbline Advisers grew its position in shares of TowneBank by 0.8% in the 2nd quarter. Rhumbline Advisers now owns 135,208 shares of the bank’s stock worth $3,687,000 after buying an additional 1,055 shares during the period. Innealta Capital LLC bought a new stake in TowneBank during the second quarter worth about $62,000. Bank of New York Mellon Corp grew its holdings in TowneBank by 4.4% in the second quarter. Bank of New York Mellon Corp now owns 504,926 shares of the bank’s stock worth $13,769,000 after purchasing an additional 21,143 shares during the period. AMG National Trust Bank increased its stake in shares of TowneBank by 11.8% during the second quarter. AMG National Trust Bank now owns 50,107 shares of the bank’s stock valued at $1,366,000 after purchasing an additional 5,276 shares in the last quarter. Finally, SummerHaven Investment Management LLC lifted its holdings in shares of TowneBank by 1.9% during the second quarter. SummerHaven Investment Management LLC now owns 31,187 shares of the bank’s stock valued at $850,000 after purchasing an additional 569 shares during the last quarter. Institutional investors own 55.99% of the company’s stock.

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.