TowneBank (NASDAQ:TOWN – Get Free Report)’s share price was down 3.1% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $28.14 and last traded at $28.29. Approximately 33,939 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 189,583 shares. The stock had previously closed at $29.18.
The bank reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.05). TowneBank had a net margin of 18.90% and a return on equity of 9.01%. The firm had revenue of $155.55 million for the quarter, compared to analysts’ expectations of $164.67 million. TowneBank’s revenue was down 11.3% compared to the same quarter last year.
TowneBank Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, January 12th. Stockholders of record on Friday, December 29th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.57%. The ex-dividend date was Thursday, December 28th. TowneBank’s payout ratio is 43.10%.
Analyst Upgrades and Downgrades
Several analysts have issued reports on the company. StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a research note on Tuesday. Raymond James increased their price target on TowneBank from $28.00 to $32.00 and gave the stock an “outperform” rating in a research report on Friday, January 5th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, TowneBank currently has an average rating of “Hold” and a consensus target price of $28.75.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of the business. Comerica Bank bought a new stake in shares of TowneBank during the 3rd quarter valued at $27,000. Signaturefd LLC increased its position in shares of TowneBank by 80.0% in the 2nd quarter. Signaturefd LLC now owns 1,521 shares of the bank’s stock valued at $35,000 after buying an additional 676 shares in the last quarter. EMC Capital Management increased its position in shares of TowneBank by 72.6% in the 3rd quarter. EMC Capital Management now owns 1,726 shares of the bank’s stock valued at $40,000 after buying an additional 726 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of TowneBank by 230.4% in the 1st quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the bank’s stock valued at $49,000 after buying an additional 1,281 shares in the last quarter. Finally, Sound Income Strategies LLC bought a new position in TowneBank during the 4th quarter worth about $79,000. 54.03% of the stock is owned by institutional investors and hedge funds.
TowneBank Stock Performance
The stock has a fifty day simple moving average of $28.62 and a 200-day simple moving average of $25.59. The stock has a market cap of $2.04 billion, a P/E ratio of 12.58 and a beta of 0.91. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.86 and a current ratio of 0.88.
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.