TowneBank (NASDAQ:TOWN - Get Free Report) was the recipient of a large decline in short interest in March. As of March 31st, there was short interest totalling 506,200 shares, a decline of 29.4% from the March 15th total of 717,000 shares. Currently, 0.8% of the company's stock are sold short. Based on an average daily trading volume, of 243,900 shares, the days-to-cover ratio is presently 2.1 days.
Wall Street Analyst Weigh In
TOWN has been the topic of a number of recent analyst reports. StockNews.com lowered shares of TowneBank from a "hold" rating to a "sell" rating in a report on Thursday, February 8th. Raymond James boosted their price objective on shares of TowneBank from $28.00 to $32.00 and gave the company an "outperform" rating in a research report on Friday, January 5th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $29.00.
Read Our Latest Stock Report on TOWN
Institutional Trading of TowneBank
Several institutional investors and hedge funds have recently added to or reduced their stakes in TOWN. Raymond James & Associates lifted its stake in TowneBank by 43.5% during the first quarter. Raymond James & Associates now owns 130,689 shares of the bank's stock valued at $3,913,000 after purchasing an additional 39,623 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in TowneBank by 2.5% during the first quarter. Bank of New York Mellon Corp now owns 431,331 shares of the bank's stock valued at $12,914,000 after purchasing an additional 10,676 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in TowneBank by 23.2% during the first quarter. PNC Financial Services Group Inc. now owns 9,175 shares of the bank's stock valued at $274,000 after purchasing an additional 1,726 shares during the last quarter. MetLife Investment Management LLC lifted its stake in TowneBank by 55.6% during the first quarter. MetLife Investment Management LLC now owns 36,221 shares of the bank's stock valued at $1,084,000 after purchasing an additional 12,939 shares during the last quarter. Finally, BlackRock Inc. lifted its stake in TowneBank by 6.5% during the first quarter. BlackRock Inc. now owns 5,151,219 shares of the bank's stock valued at $154,227,000 after purchasing an additional 316,304 shares during the last quarter. 55.99% of the stock is owned by institutional investors and hedge funds.
TowneBank Price Performance
Shares of NASDAQ:TOWN traded down $0.05 during trading on Friday, reaching $26.40. The company had a trading volume of 239,441 shares, compared to its average volume of 244,413. The firm's fifty day moving average is $27.17 and its 200 day moving average is $26.81. The firm has a market capitalization of $1.92 billion, a PE ratio of 12.75 and a beta of 0.89. TowneBank has a twelve month low of $21.22 and a twelve month high of $31.08. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 0.88.
TowneBank (NASDAQ:TOWN - Get Free Report) last issued its quarterly earnings results on Wednesday, January 24th. The bank reported $0.42 earnings per share for the quarter, missing analysts' consensus estimates of $0.47 by ($0.05). The company had revenue of $155.55 million during the quarter, compared to analyst estimates of $164.67 million. TowneBank had a return on equity of 8.03% and a net margin of 16.33%. The firm's quarterly revenue was down 11.3% on a year-over-year basis. On average, equities analysts forecast that TowneBank will post 2.15 EPS for the current year.
TowneBank Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 29th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend is Wednesday, March 27th. TowneBank's dividend payout ratio is currently 48.31%.
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.
Further Reading
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