TowneBank’s (TOWN) “Equal Weight” Rating Reiterated at Stephens

Stephens reissued their equal weight rating on shares of TowneBank (NASDAQ:TOWNFree Report) in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a $41.00 price target on the bank’s stock.

Separately, Keefe, Bruyette & Woods upgraded TowneBank from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $35.00 to $40.00 in a research note on Wednesday, October 2nd.

View Our Latest Stock Report on TowneBank

TowneBank Trading Up 0.1 %

Shares of NASDAQ:TOWN opened at $34.87 on Thursday. The business has a fifty day simple moving average of $35.08 and a 200 day simple moving average of $33.80. TowneBank has a 1 year low of $25.70 and a 1 year high of $38.28. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of 16.22 and a beta of 0.93.

TowneBank (NASDAQ:TOWNGet Free Report) last posted its earnings results on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, topping the consensus estimate of $0.48 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. On average, sell-side analysts forecast that TowneBank will post 2.47 EPS for the current year.

TowneBank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.87%. TowneBank’s dividend payout ratio (DPR) is currently 46.51%.

Hedge Funds Weigh In On TowneBank

A number of hedge funds have recently modified their holdings of TOWN. PBMares Wealth Management LLC increased its position in shares of TowneBank by 9.6% during the 4th quarter. PBMares Wealth Management LLC now owns 24,203 shares of the bank’s stock worth $824,000 after purchasing an additional 2,124 shares in the last quarter. KBC Group NV increased its holdings in shares of TowneBank by 28.2% during the fourth quarter. KBC Group NV now owns 3,858 shares of the bank’s stock worth $131,000 after buying an additional 848 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of TowneBank by 258.5% during the fourth quarter. Blue Trust Inc. now owns 1,434 shares of the bank’s stock worth $47,000 after buying an additional 1,034 shares in the last quarter. Salem Investment Counselors Inc. bought a new position in shares of TowneBank in the fourth quarter valued at approximately $34,000. Finally, Harbor Capital Advisors Inc. boosted its holdings in shares of TowneBank by 1.9% in the 4th quarter. Harbor Capital Advisors Inc. now owns 20,073 shares of the bank’s stock worth $684,000 after acquiring an additional 383 shares in the last quarter. 55.99% of the stock is owned by institutional investors and hedge funds.

About TowneBank

(Get Free Report)

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.

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