TowneBank (NASDAQ:TOWN) Receives “Equal Weight” Rating from Stephens

Stephens restated their equal weight rating on shares of TowneBank (NASDAQ:TOWN) in a report released on Thursday,Benzinga reports. The brokerage currently has a $41.00 price target on the bank’s stock.

Separately, Keefe, Bruyette & Woods upgraded TowneBank from a “market perform” rating to an “outperform” rating and increased their price target for the company from $35.00 to $40.00 in a research note on Wednesday, October 2nd.

TowneBank Stock Performance

Shares of TowneBank stock opened at $34.84 on Thursday. TowneBank has a one year low of $25.70 and a one year high of $38.28. The company has a market capitalization of $2.61 billion, a PE ratio of 16.20 and a beta of 0.93. The company has a 50-day simple moving average of $35.08 and a two-hundred day simple moving average of $33.70.

TowneBank (NASDAQ:TOWN) last posted its earnings results on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. On average, equities analysts predict that TowneBank will post 2.47 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.87%. The ex-dividend date was Tuesday, December 31st. TowneBank’s dividend payout ratio is currently 46.51%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TOWN. Harbor Capital Advisors Inc. increased its stake in shares of TowneBank by 1.9% in the 4th quarter. Harbor Capital Advisors Inc. now owns 20,073 shares of the bank’s stock valued at $684,000 after purchasing an additional 383 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of TowneBank by 6.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 9,753 shares of the bank’s stock valued at $322,000 after buying an additional 617 shares in the last quarter. First Western Trust Bank raised its position in TowneBank by 4.3% during the third quarter. First Western Trust Bank now owns 18,123 shares of the bank’s stock worth $599,000 after acquiring an additional 745 shares during the period. AMG National Trust Bank lifted its holdings in TowneBank by 1.6% during the third quarter. AMG National Trust Bank now owns 50,929 shares of the bank’s stock valued at $1,684,000 after purchasing an additional 822 shares in the last quarter. Finally, KBC Group NV grew its position in shares of TowneBank by 28.2% in the fourth quarter. KBC Group NV now owns 3,858 shares of the bank’s stock valued at $131,000 after purchasing an additional 848 shares during the period. Hedge funds and other institutional investors own 55.99% of the company’s stock.

About TowneBank

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.