TowneBank (NASDAQ:TOWN) Reaches New 12-Month High – Here’s What Happened

TowneBank (NASDAQ:TOWN) reached a new 52-week high on Wednesday . The stock traded as high as $35.82 and last traded at $35.65, with a volume of 38454 shares trading hands. The stock had previously closed at $32.42.

Analyst Ratings Changes

A number of analysts have commented on TOWN shares. StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods upgraded shares of TowneBank from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $35.00 to $40.00 in a research report on Wednesday, October 2nd.

TowneBank Stock Performance

The company has a market capitalization of $2.72 billion, a PE ratio of 18.02 and a beta of 0.89. The stock’s fifty day simple moving average is $33.53 and its 200-day simple moving average is $30.51.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.02. The business had revenue of $258.86 million for the quarter, compared to the consensus estimate of $179.80 million. TowneBank had a net margin of 14.89% and a return on equity of 7.41%. During the same quarter in the prior year, the firm posted $0.60 earnings per share. On average, equities analysts anticipate that TowneBank will post 2.11 EPS for the current year.

TowneBank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend was Monday, September 30th. TowneBank’s dividend payout ratio is currently 50.25%.

Hedge Funds Weigh In On TowneBank

Large investors have recently added to or reduced their stakes in the business. Innealta Capital LLC acquired a new stake in shares of TowneBank during the 2nd quarter worth $62,000. Point72 DIFC Ltd acquired a new stake in TowneBank during the second quarter worth about $73,000. Heritage Wealth Advisors raised its holdings in shares of TowneBank by 2,973.3% in the 1st quarter. Heritage Wealth Advisors now owns 3,565 shares of the bank’s stock worth $100,000 after purchasing an additional 3,449 shares during the period. KBC Group NV acquired a new position in shares of TowneBank in the 3rd quarter valued at about $100,000. Finally, EMC Capital Management grew its holdings in shares of TowneBank by 230.4% during the 1st quarter. EMC Capital Management now owns 5,703 shares of the bank’s stock worth $160,000 after purchasing an additional 3,977 shares during the period. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

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.