TowneBank (NASDAQ:TOWN) Reaches New 52-Week Low After Analyst Downgrade

Posted by Defense World Staff on May 3rd, 2023

Shares of TowneBank (NASDAQ:TOWN – Get Rating) reached a new 52-week low during mid-day trading on Tuesday after Piper Sandler lowered their price target on the stock from $31.00 to $28.00. The stock traded as low as $22.47 and last traded at $22.50, with a volume of 29102 shares trading hands. The stock had previously closed at $23.32.

A number of other equities analysts also recently weighed in on the stock. Keefe, Bruyette & Woods lowered their target price on shares of TowneBank from $32.00 to $28.00 and set a “market perform” rating for the company in a research note on Thursday, April 6th. StockNews.com downgraded shares of TowneBank from a “hold” rating to a “sell” rating in a research note on Friday, April 28th. Finally, Raymond James initiated coverage on shares of TowneBank in a research note on Friday, March 3rd. They set an “outperform” rating for the company.

Hedge Funds Weigh In On TowneBank

A number of hedge funds have recently bought and sold shares of TOWN. Sargent Bickham Lagudis LLC acquired a new stake in TowneBank in the fourth quarter worth $25,000. CWM LLC boosted its holdings in TowneBank by 285.7% during the fourth quarter. CWM LLC now owns 1,049 shares of the bank’s stock worth $32,000 after purchasing an additional 777 shares during the last quarter. EMC Capital Management purchased a new position in TowneBank during the fourth quarter worth about $53,000. Allspring Global Investments Holdings LLC raised its position in TowneBank by 36.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,920 shares of the bank’s stock worth $78,000 after acquiring an additional 777 shares during the period. Finally, Counterpoint Mutual Funds LLC bought a new stake in TowneBank in the first quarter worth about $106,000. Institutional investors own 52.75% of the company’s stock.

TowneBank Trading Down 5.7 %

The firm’s 50-day simple moving average is $26.85 and its 200 day simple moving average is $29.63. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.02. The firm has a market cap of $1.60 billion, a P/E ratio of 8.83 and a beta of 0.95.

TowneBank (NASDAQ:TOWN – Get Rating) last posted its earnings results on Thursday, April 27th. The bank reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). TowneBank had a return on equity of 10.21% and a net margin of 22.91%. The firm had revenue of $224.16 million for the quarter, compared to the consensus estimate of $188.79 million. As a group, analysts expect that TowneBank will post 2.64 earnings per share for the current year.

TowneBank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 12th. Stockholders of record on Thursday, March 30th were paid a $0.23 dividend. The ex-dividend date was Wednesday, March 29th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 4.19%. TowneBank’s dividend payout ratio (DPR) is 36.95%.

About TowneBank

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TowneBank engages in the provision of retail and commercial banking services to individuals and small and medium size businesses. It operates through the following segments: Banking, Realty, and Insurance. The Banking segment offers loan and deposit services to retail and commercial customers. The Realty segment focuses on the provision of residential real estate services and originations of a variety of mortgage loans.