TowneBank (NASDAQ:TOWN) Downgraded to Sell at StockNews.com

StockNews.com cut shares of TowneBank (NASDAQ:TOWN) from a hold rating to a sell rating in a research report released on Thursday.

TowneBank Stock Down 1.1 %

Shares of TowneBank stock opened at $27.22 on Thursday. TowneBank has a 12-month low of $21.63 and a 12-month high of $31.08. The stock has a market cap of $2.04 billion, a P/E ratio of 13.54 and a beta of 0.90. The business’s 50 day moving average is $26.92 and its 200-day moving average is $27.56.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings data on Wednesday, April 24th. The bank reported $0.48 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.48. TowneBank had a return on equity of 7.45% and a net margin of 15.50%. The company had revenue of $167.10 million for the quarter, compared to analysts’ expectations of $169.68 million. During the same quarter in the prior year, the business posted $0.62 EPS. The business’s revenue was down 9.2% compared to the same quarter last year. On average, sell-side analysts expect that TowneBank will post 2.07 EPS for the current year.

TowneBank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend is Friday, June 28th. TowneBank’s payout ratio is presently 49.75%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. TFO Wealth Partners LLC increased its holdings in shares of TowneBank by 43,600.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,311 shares of the bank’s stock worth $39,000 after acquiring an additional 1,308 shares during the last quarter. Sound Income Strategies LLC acquired a new position in shares of TowneBank during the 4th quarter worth approximately $79,000. Heritage Wealth Advisors increased its holdings in shares of TowneBank by 2,973.3% during the 1st quarter. Heritage Wealth Advisors now owns 3,565 shares of the bank’s stock worth $100,000 after acquiring an additional 3,449 shares during the last quarter. EMC Capital Management increased 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 acquiring an additional 3,977 shares during the last quarter. Finally, Bessemer Group Inc. grew its holdings in TowneBank by 45.2% in the 1st quarter. Bessemer Group Inc. now owns 6,817 shares of the bank’s stock valued at $191,000 after buying an additional 2,121 shares in the last quarter. 55.99% of the stock is owned by institutional investors and hedge funds.

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.