Towne Bank (NASDAQ:TOWN) Price Target Cut to $41.00 by Analysts at Hovde Group

Towne Bank (NASDAQ:TOWN) had its target price decreased by Hovde Group from $42.00 to $41.00 in a research note published on Monday morning, MarketBeat Ratings reports. Hovde Group currently has an outperform rating on the bank’s stock.

Several other equities research analysts also recently issued reports on TOWN. Weiss Ratings restated a “buy (b-)” rating on shares of Towne Bank in a research report on Wednesday, January 21st. Zacks Research raised shares of Towne Bank from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $41.00.

Towne Bank Trading Up 1.6%

Shares of TOWN stock opened at $35.76 on Monday. The firm has a 50 day moving average price of $34.40 and a two-hundred day moving average price of $34.34. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $2.82 billion, a PE ratio of 18.06 and a beta of 0.72. Towne Bank has a 12-month low of $31.91 and a 12-month high of $37.86.

Towne Bank (NASDAQ:TOWN) last issued its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.74 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.74. The firm had revenue of $247.62 million during the quarter, compared to the consensus estimate of $274.02 million. Towne Bank had a net margin of 13.51% and a return on equity of 10.48%. The business’s revenue for the quarter was up 34.6% compared to the same quarter last year. During the same period last year, the business posted $0.68 earnings per share. As a group, analysts predict that Towne Bank will post 3.35 earnings per share for the current year.

Towne Bank Announces Dividend

The firm also recently announced a dividend, which will be paid on Wednesday, May 20th. Stockholders of record on Monday, May 4th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Monday, May 4th. Towne Bank’s dividend payout ratio (DPR) is currently 54.55%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in TOWN. EverSource Wealth Advisors LLC increased its holdings in shares of Towne Bank by 931.5% during the second quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank’s stock worth $26,000 after purchasing an additional 680 shares during the period. Abound Financial LLC bought a new position in shares of Towne Bank during the fourth quarter worth approximately $27,000. Richardson Financial Services Inc. increased its holdings in shares of Towne Bank by 150.3% during the third quarter. Richardson Financial Services Inc. now owns 816 shares of the bank’s stock worth $28,000 after purchasing an additional 490 shares during the period. Quantbot Technologies LP bought a new position in shares of Towne Bank during the second quarter worth approximately $30,000. Finally, Atlantic Union Bankshares Corp bought a new position in shares of Towne Bank during the third quarter worth approximately $35,000. 55.99% of the stock is owned by institutional investors.

Towne Bank Company Profile

TowneBank is a Virginia‐based financial services company organized as a bank holding company. Its primary subsidiary, TowneBank, operates a network of community banking offices and mortgage production facilities. The company offers a comprehensive range of commercial and consumer banking solutions, including deposit accounts, lending products, treasury management, and private banking services tailored to individuals, small businesses, and middle‐market corporations.

In addition to traditional banking, TowneBank provides specialty services through affiliated subsidiaries.