Towne Bank (NASDAQ:TOWN) Upgraded at Wall Street Zen

Key Points

• Towne Bank was upgraded from a "sell" rating to a "hold" rating by Wall Street Zen, indicating a shift in analysts' outlook on the stock.
• The Hovde Group raised its price target for Towne Bank from $39.00 to $41.00 and assigned it an "outperform" rating, reflecting positive sentiment on its future performance.
• Towne Bank reported quarterly earnings of $0.81 per share, exceeding analyst expectations, and showed an 18.6% year-over-year revenue increase to $207.44 million.

Wall Street Zen upgraded shares of Towne Bank (NASDAQ:TOWN - Free Report) from a sell rating to a hold rating in a report published on Sunday morning.

Separately, Hovde Group raised their target price on Towne Bank from $39.00 to $41.00 and gave the company an "outperform" rating in a report on Thursday, July 24th.

Towne Bank Stock Performance

Shares of Towne Bank stock traded down $0.12 on Friday, reaching $35.11. The stock had a trading volume of 34,809 shares, compared to its average volume of 253,219. The business's 50-day moving average price is $34.74 and its two-hundred day moving average price is $34.51. The stock has a market cap of $2.63 billion, a P/E ratio of 15.25 and a beta of 0.84. Towne Bank has a fifty-two week low of $29.43 and a fifty-two week high of $38.28.

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

Towne Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were given a dividend of $0.27 per share. 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 3.1%. The ex-dividend date was Friday, June 27th. Towne Bank's dividend payout ratio (DPR) is presently 46.96%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Bank of New York Mellon Corp raised its stake in shares of Towne Bank by 1.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 527,204 shares of the bank's stock valued at $18,020,000 after buying an additional 8,504 shares in the last quarter. AMG National Trust Bank lifted its stake in Towne Bank by 0.8% during the second quarter. AMG National Trust Bank now owns 51,406 shares of the bank's stock worth $1,757,000 after purchasing an additional 425 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in Towne Bank during the second quarter valued at approximately $248,000. Envestnet Asset Management Inc. grew its stake in shares of Towne Bank by 5.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 41,082 shares of the bank's stock valued at $1,404,000 after purchasing an additional 2,152 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its holdings in shares of Towne Bank by 2.0% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 55,007 shares of the bank's stock worth $1,880,000 after buying an additional 1,091 shares in the last quarter. 55.99% of the stock is currently owned by institutional investors and hedge funds.

Towne Bank 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.