TowneBank (NASDAQ:TOWN) Price Target Raised to $39.00 at Hovde Group

TowneBank (NASDAQ:TOWN - Free Report) had its price objective raised by Hovde Group from $38.00 to $39.00 in a report released on Monday, MarketBeat.com reports. Hovde Group currently has an outperform rating on the bank's stock.

Separately, Stephens reissued an "equal weight" rating and set a $41.00 price target on shares of TowneBank in a research report on Thursday, January 23rd.

TowneBank Trading Up 0.1 %

Shares of TowneBank stock traded up $0.03 during trading hours on Monday, reaching $32.98. 296,531 shares of the company's stock were exchanged, compared to its average volume of 258,532. The stock has a market cap of $2.47 billion, a P/E ratio of 15.34 and a beta of 0.79. The company has a 50 day moving average of $33.44 and a two-hundred day moving average of $34.58. TowneBank has a fifty-two week low of $25.70 and a fifty-two week high of $38.28.

TowneBank (NASDAQ:TOWN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.68 EPS for the quarter, beating the consensus estimate of $0.61 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. The firm had revenue of $190.04 million during the quarter, compared to analysts' expectations of $191.29 million. During the same period in the prior year, the firm posted $0.48 earnings per share. The business's quarterly revenue was up 14.9% compared to the same quarter last year. As a group, analysts expect that TowneBank will post 2.6 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Monday, March 31st were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.00 annualized dividend and a yield of 3.03%. TowneBank's dividend payout ratio is 42.37%.

Institutional Trading of TowneBank

Several institutional investors and hedge funds have recently bought and sold shares of TOWN. Wellington Management Group LLP bought a new stake in TowneBank in the fourth quarter valued at approximately $22,894,000. Raymond James Financial Inc. bought a new position in shares of TowneBank during the fourth quarter worth approximately $14,122,000. FJ Capital Management LLC bought a new position in shares of TowneBank during the fourth quarter worth approximately $9,908,000. Millennium Management LLC increased its stake in shares of TowneBank by 1,265.5% during the fourth quarter. Millennium Management LLC now owns 243,773 shares of the bank's stock worth $8,303,000 after purchasing an additional 225,921 shares during the period. Finally, T. Rowe Price Investment Management Inc. increased its stake in shares of TowneBank by 5.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,344,673 shares of the bank's stock worth $147,980,000 after purchasing an additional 210,521 shares during the period. Institutional investors own 55.99% of the company's stock.

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.