TowneBank (NASDAQ:TOWN) Upgraded by Hovde Group to Outperform Rating

Hovde Group upgraded shares of TowneBank (NASDAQ:TOWN) from a market perform rating to an outperform rating in a research report released on Friday, Marketbeat reports. Hovde Group currently has $38.00 price target on the bank’s stock, down from their previous price target of $39.00.

Separately, Stephens reissued an “equal weight” rating and issued a $41.00 target price on shares of TowneBank in a research note on Thursday, January 23rd.

TowneBank Stock Down 0.8 %

NASDAQ:TOWN opened at $30.61 on Friday. The stock has a market cap of $2.30 billion, a P/E ratio of 14.24 and a beta of 0.79. The business’s 50-day moving average price is $35.45 and its two-hundred day moving average price is $34.82. TowneBank has a twelve month low of $25.70 and a twelve month high of $38.28.

TowneBank (NASDAQ:TOWN) last announced its earnings results on Wednesday, January 22nd. The bank reported $0.55 earnings per share 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 research analysts expect that TowneBank will post 2.6 EPS for the current fiscal year.

TowneBank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Monday, March 31st will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.27%. The ex-dividend date is Monday, March 31st. TowneBank’s dividend payout ratio is currently 46.51%.

Institutional Trading of TowneBank

Several hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP purchased a new position in shares of TowneBank in the fourth quarter worth about $22,894,000. Raymond James Financial Inc. purchased a new position in TowneBank in the 4th quarter worth approximately $14,122,000. FJ Capital Management LLC bought a new stake in TowneBank in the fourth quarter valued at approximately $9,908,000. Millennium Management LLC boosted 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 valued at $8,303,000 after purchasing an additional 225,921 shares during the period. Finally, T. Rowe Price Investment Management Inc. grew its holdings in shares of TowneBank by 5.1% in 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 last quarter. 55.99% of the stock is owned by institutional investors.

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.