TowneBank (NASDAQ:TOWN) Reaches New 12-Month High – Here’s What Happened

06 Nov 2024, 19:18 by Doug Wharley · The Cerbat Gem

TowneBank (NASDAQ:TOWN – Get Free Report) reached a new 52-week high on Wednesday . The stock traded as high as $35.82 and last traded at $35.65, with a volume of 38454 shares trading hands. The stock had previously closed at $32.42.

Analyst Ratings Changes

A number of analysts have commented on TOWN shares. StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods upgraded shares of TowneBank from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $35.00 to $40.00 in a research report on Wednesday, October 2nd.

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TowneBank Stock Performance

The company has a market capitalization of $2.72 billion, a PE ratio of 18.02 and a beta of 0.89. The stock’s fifty day simple moving average is $33.53 and its 200-day simple moving average is $30.51.

TowneBank (NASDAQ:TOWN – Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.02. The business had revenue of $258.86 million for the quarter, compared to the consensus estimate of $179.80 million. TowneBank had a net margin of 14.89% and a return on equity of 7.41%. During the same quarter in the prior year, the firm posted $0.60 earnings per share. On average, equities analysts anticipate that TowneBank will post 2.11 EPS for the current year.

TowneBank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend was Monday, September 30th. TowneBank’s dividend payout ratio is currently 50.25%.

Hedge Funds Weigh In On TowneBank

Large investors have recently added to or reduced their stakes in the business. Innealta Capital LLC acquired a new stake in shares of TowneBank during the 2nd quarter worth $62,000. Point72 DIFC Ltd acquired a new stake in TowneBank during the second quarter worth about $73,000. Heritage Wealth Advisors raised its holdings in shares of TowneBank by 2,973.3% in the 1st quarter. Heritage Wealth Advisors now owns 3,565 shares of the bank’s stock worth $100,000 after purchasing an additional 3,449 shares during the period. KBC Group NV acquired a new position in shares of TowneBank in the 3rd quarter valued at about $100,000. Finally, EMC Capital Management grew its holdings in shares of TowneBank by 230.4% during the 1st quarter. EMC Capital Management now owns 5,703 shares of the bank’s stock worth $160,000 after purchasing an additional 3,977 shares during the period. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

TowneBank Company Profile

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