Towne Bank (NASDAQ:TOWN) Share Price Crosses Below 200 Day Moving Average – Should You Sell?

Towne Bank (NASDAQ:TOWN) shares passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $34.42 and traded as low as $33.06. Towne Bank shares last traded at $33.18, with a volume of 819,126 shares trading hands.

Analyst Ratings Changes

Several analysts have commented on the stock. Zacks Research downgraded shares of Towne Bank from a “hold” rating to a “strong sell” rating in a research report on Monday, February 2nd. Weiss Ratings restated a “buy (b-)” rating on shares of Towne Bank in a report on Wednesday, January 21st. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Towne Bank currently has a consensus rating of “Hold” and an average price target of $41.00.

Towne Bank Trading Up 2.1%

The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of 15.08 and a beta of 0.75. The company has a 50-day moving average price of $35.00 and a 200-day moving average price of $34.42. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.02.

Towne Bank (NASDAQ:TOWN) last posted its quarterly earnings data on Friday, January 30th. The bank reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.01). Towne Bank had a return on equity of 9.95% and a net margin of 15.12%.The business had revenue of $221.09 million for the quarter, compared to analyst estimates of $225.43 million. During the same period in the prior year, the firm posted $0.55 EPS. Towne Bank’s revenue for the quarter was up 25.3% on a year-over-year basis. Research analysts predict that Towne Bank will post 2.6 EPS for the current fiscal year.

Towne Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, March 31st. Towne Bank’s payout ratio is currently 49.09%.

Institutional Investors Weigh In On Towne Bank

Several hedge funds have recently modified their holdings of TOWN. DGS Capital Management LLC acquired a new stake in shares of Towne Bank in the fourth quarter worth $236,000. CrossGen Wealth LLC bought a new stake in Towne Bank in the 4th quarter valued at $53,000. Empowered Funds LLC bought a new stake in Towne Bank in the 4th quarter valued at $93,000. Voloridge Investment Management LLC bought a new stake in Towne Bank in the 4th quarter valued at $568,000. Finally, Wellington Management Group LLP grew its position in Towne Bank by 4.6% in the 4th quarter. Wellington Management Group LLP now owns 471,313 shares of the bank’s stock worth $15,728,000 after purchasing an additional 20,740 shares during the last quarter. 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.