Towne Bank (NASDAQ:TOWN) Stock Price Expected to Rise, Hovde Group Analyst Says

Towne Bank (NASDAQ:TOWN - Free Report) had its price objective raised by Hovde Group from $39.00 to $41.00 in a research report report published on Thursday morning, Marketbeat reports. The firm currently has an outperform rating on the bank's stock.

Separately, Wall Street Zen raised shares of Towne Bank from a "sell" rating to a "hold" rating in a research note on Friday, May 30th.

Towne Bank Trading Up 0.3%

TOWN stock traded up $0.09 on Thursday, hitting $35.70. The company's stock had a trading volume of 225,803 shares, compared to its average volume of 255,843. The firm has a 50 day moving average of $34.66 and a two-hundred day moving average of $34.43. Towne Bank has a 1 year low of $29.43 and a 1 year high of $38.28. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of 15.52 and a beta of 0.80.

Towne Bank (NASDAQ:TOWN - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.81 EPS for the quarter, beating the consensus estimate of $0.69 by $0.12. Towne Bank had a net margin of 16.49% and a return on equity of 9.05%. The firm had revenue of $207.44 million during the quarter, compared to the consensus estimate of $202.18 million. During the same quarter in the prior year, the firm earned $0.57 EPS. Towne Bank's revenue for the quarter was up 18.6% on a year-over-year basis. As a group, equities analysts forecast that Towne Bank will post 2.6 EPS for the current fiscal year.

Towne Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were paid a dividend of $0.27 per share. The ex-dividend date of this dividend was Friday, June 27th. This is a boost from Towne Bank's previous quarterly dividend of $0.25. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.03%. Towne Bank's dividend payout ratio is 46.96%.

Institutional Investors Weigh In On Towne Bank

Institutional investors and hedge funds have recently made changes to their positions in the business. Abound Financial LLC purchased a new position in Towne Bank in the 1st quarter valued at about $27,000. Summit Securities Group LLC purchased a new position in Towne Bank in the 1st quarter valued at about $28,000. Sterling Capital Management LLC lifted its holdings in Towne Bank by 807.8% in the 4th quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank's stock valued at $75,000 after purchasing an additional 1,971 shares in the last quarter. CWM LLC lifted its holdings in Towne Bank by 37.2% in the 2nd quarter. CWM LLC now owns 2,205 shares of the bank's stock valued at $75,000 after purchasing an additional 598 shares in the last quarter. Finally, Federated Hermes Inc. purchased a new position in Towne Bank in the 4th quarter valued at about $82,000. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

About Towne Bank

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.