BidaskClub Upgrades TowneBank (TOWN) to Sell

BidaskClub upgraded shares of TowneBank (NASDAQ:TOWN) from a strong sell rating to a sell rating in a research note published on Saturday morning, BidAskClub reports.

A number of other equities research analysts have also commented on the stock. ValuEngine lowered shares of TowneBank from a hold rating to a sell rating in a research note on Wednesday, March 6th. Brean Capital reissued a hold rating on shares of TowneBank in a research note on Monday, February 4th. Raymond James lowered shares of TowneBank from an outperform rating to a mkt perform rating in a research note on Monday, January 7th. Finally, Zacks Investment Research raised shares of TowneBank from a sell rating to a hold rating in a research note on Wednesday, December 26th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company. TowneBank currently has an average rating of Hold and an average target price of $34.00.

NASDAQ:TOWN opened at $26.94 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.00 and a current ratio of 1.02. TowneBank has a 52 week low of $22.88 and a 52 week high of $33.85. The firm has a market capitalization of $1.92 billion, a PE ratio of 13.61 and a beta of 1.12.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings data on Thursday, January 24th. The bank reported $0.49 EPS for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.03). TowneBank had a net margin of 21.81% and a return on equity of 9.49%. The firm had revenue of $131.42 million during the quarter, compared to the consensus estimate of $141.34 million. Equities research analysts forecast that TowneBank will post 2 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Friday, March 29th were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.38%. The ex-dividend date was Thursday, March 28th. TowneBank’s dividend payout ratio is presently 32.32%.

A number of hedge funds and other institutional investors have recently modified their holdings of TOWN. Bank of Montreal Can boosted its stake in TowneBank by 31.2% during the fourth quarter. Bank of Montreal Can now owns 1,986 shares of the bank’s stock worth $47,000 after acquiring an additional 472 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in TowneBank by 37.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,028 shares of the bank’s stock worth $120,000 after acquiring an additional 1,370 shares in the last quarter. Denali Advisors LLC bought a new position in TowneBank during the first quarter worth $131,000. Aptus Capital Advisors LLC bought a new position in TowneBank during the fourth quarter worth $172,000. Finally, Vista Investment Management boosted its stake in TowneBank by 12.7% during the fourth quarter. Vista Investment Management now owns 20,058 shares of the bank’s stock worth $480,000 after acquiring an additional 2,260 shares in the last quarter. 45.44% of the stock is currently owned by institutional investors and hedge funds.

About TowneBank

TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.

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