TowneBank (NASDAQ:TOWN) Hits New 12-Month Low at $26.04

TowneBank (NASDAQ:TOWN – Get Rating) reached a new 52-week low during trading on Monday . The stock traded as low as $26.04 and last traded at $26.97, with a volume of 70066 shares. The stock had previously closed at $28.21.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on TOWN shares. Piper Sandler initiated coverage on TowneBank in a research note on Friday, February 17th. They issued an “overweight” rating on the stock. Raymond James started coverage on shares of TowneBank in a research report on Friday, March 3rd. They set an “outperform” rating on the stock.

TowneBank Stock Up 1.8 %

The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.02. The stock’s 50-day moving average price is $30.25 and its 200-day moving average price is $30.24. The company has a market cap of $2.01 billion, a P/E ratio of 10.62 and a beta of 0.97.

TowneBank (NASDAQ:TOWN – Get Rating) last posted its quarterly earnings results on Thursday, January 26th. The bank reported $0.65 earnings per share for the quarter. TowneBank had a return on equity of 10.19% and a net margin of 25.42%. The business had revenue of $175.31 million for the quarter. As a group, research analysts forecast that TowneBank will post 2.71 EPS for the current year.

TowneBank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 12th. Investors of record on Thursday, March 30th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend is Wednesday, March 29th. TowneBank’s payout ratio is currently 35.38%.

Institutional Trading of TowneBank

A number of hedge funds and other institutional investors have recently bought and sold shares of TOWN. Vanguard Group Inc. grew its holdings in shares of TowneBank by 12.9% during the first quarter. Vanguard Group Inc. now owns 7,253,308 shares of the bank’s stock valued at $217,165,000 after buying an additional 827,143 shares during the last quarter. Norges Bank acquired a new position in TowneBank during the 4th quarter valued at about $18,040,000. State Street Corp increased its holdings in TowneBank by 24.3% during the 2nd quarter. State Street Corp now owns 1,709,804 shares of the bank’s stock worth $46,809,000 after purchasing an additional 333,828 shares in the last quarter. BlackRock Inc. raised its stake in shares of TowneBank by 6.5% in the first quarter. BlackRock Inc. now owns 5,151,219 shares of the bank’s stock worth $154,227,000 after purchasing an additional 316,304 shares during the last quarter. Finally, Nuance Investments LLC lifted its holdings in shares of TowneBank by 31.0% in the fourth quarter. Nuance Investments LLC now owns 1,283,967 shares of the bank’s stock valued at $39,598,000 after purchasing an additional 303,623 shares in the last quarter. Institutional investors own 52.75% of the company’s stock.

TowneBank Company Profile

(Get Rating)

TowneBank engages in the provision of retail and commercial banking services to individuals and small and medium size businesses. It operates through the following segments: Banking, Realty, and Insurance. The Banking segment offers loan and deposit services to retail and commercial customers. The Realty segment focuses on the provision of residential real estate services and originations of a variety of mortgage loans.