TowneBank (NASDAQ:TOWN) Stock Passes Below 200 Day Moving Average – Time to Sell?

TowneBank (NASDAQ:TOWN)’s stock price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $33.22 and traded as low as $33.04. TowneBank shares last traded at $33.15, with a volume of 214,120 shares traded.

Analyst Ratings Changes

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

TowneBank Trading Down 0.9 %

The stock has a 50-day simple moving average of $35.22 and a 200 day simple moving average of $33.22. The company has a market cap of $2.49 billion, a price-to-earnings ratio of 16.66 and a beta of 0.93.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.58 EPS for the quarter, beating the consensus estimate of $0.56 by $0.02. The business had revenue of $258.86 million during the quarter, compared to analysts’ expectations of $179.80 million. TowneBank had a net margin of 14.89% and a return on equity of 7.32%. During the same period in the previous year, the business posted $0.60 EPS. As a group, research analysts forecast that TowneBank will post 2.07 EPS for the current fiscal year.

TowneBank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend is Tuesday, December 31st. TowneBank’s payout ratio is 50.25%.

Hedge Funds Weigh In On TowneBank

A number of institutional investors have recently modified their holdings of TOWN. Geode Capital Management LLC grew its stake in shares of TowneBank by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,685,643 shares of the bank’s stock worth $55,738,000 after purchasing an additional 18,929 shares during the period. SG Americas Securities LLC acquired a new stake in shares of TowneBank during the 3rd quarter valued at about $516,000. Edgestream Partners L.P. increased its stake in shares of TowneBank by 224.3% in the 2nd quarter. Edgestream Partners L.P. now owns 47,995 shares of the bank’s stock valued at $1,309,000 after purchasing an additional 33,195 shares in the last quarter. Arbor Investment Advisors LLC acquired a new position in TowneBank in the 3rd quarter worth about $577,000. Finally, Deprince Race & Zollo Inc. lifted its position in shares of TowneBank by 30.1% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 184,376 shares of the bank’s stock valued at $5,028,000 after buying an additional 42,641 shares in the last quarter. 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.