TowneBank (NASDAQ:TOWN) Upgraded to Hold by StockNews.com

StockNews.com upgraded shares of TowneBank (NASDAQ:TOWN) from a sell rating to a hold rating in a research report report published on Monday morning.

TowneBank Stock Performance

Shares of NASDAQ:TOWN opened at $26.64 on Monday. The stock’s 50-day moving average is $26.89 and its 200-day moving average is $27.67. The company has a market cap of $1.94 billion, a P/E ratio of 13.25 and a beta of 0.91. TowneBank has a 52-week low of $21.63 and a 52-week high of $31.08.

TowneBank (NASDAQ:TOWN) last released its earnings results on Wednesday, April 24th. The bank reported $0.48 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.48. TowneBank had a return on equity of 7.45% and a net margin of 15.50%. The firm had revenue of $167.10 million for the quarter, compared to analyst estimates of $169.68 million. During the same quarter last year, the firm posted $0.62 EPS. The company’s revenue was down 9.2% on a year-over-year basis. As a group, equities analysts predict that TowneBank will post 2.07 EPS for the current year.

TowneBank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date of this dividend is Friday, June 28th. TowneBank’s dividend payout ratio (DPR) is presently 49.75%.

Institutional Investors Weigh In On TowneBank

A number of institutional investors have recently added to or reduced their stakes in the company. Deutsche Bank AG raised its holdings in TowneBank by 12.1% in the 3rd quarter. Deutsche Bank AG now owns 34,166 shares of the bank’s stock valued at $783,000 after acquiring an additional 3,675 shares in the last quarter. Rhumbline Advisers increased its position in shares of TowneBank by 0.9% during the third quarter. Rhumbline Advisers now owns 136,496 shares of the bank’s stock valued at $3,130,000 after purchasing an additional 1,182 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of TowneBank by 5.1% in the third quarter. PNC Financial Services Group Inc. now owns 13,844 shares of the bank’s stock valued at $317,000 after purchasing an additional 673 shares in the last quarter. Mariner LLC bought a new position in TowneBank in the third quarter worth $905,000. Finally, Cary Street Partners Investment Advisory LLC lifted its position in TowneBank by 28.7% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 25,742 shares of the bank’s stock worth $590,000 after purchasing an additional 5,744 shares during the period. 55.99% of the stock is 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.