TowneBank (NASDAQ:TOWN) Hits New 52-Week High – Still a Buy?

TowneBank (NASDAQ:TOWN) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $35.17 and last traded at $35.17, with a volume of 39278 shares trading hands. The stock had previously closed at $34.59.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. StockNews.com upgraded shares of TowneBank from a “sell” rating to a “hold” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods raised shares of TowneBank from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $35.00 to $40.00 in a research report on Wednesday, October 2nd.

TowneBank Price Performance

The stock has a market cap of $2.66 billion, a PE ratio of 17.54 and a beta of 0.89. The stock has a 50-day simple moving average of $33.35 and a 200-day simple moving average of $29.85.

TowneBank (NASDAQ:TOWN) last issued its earnings results on Wednesday, July 24th. The bank reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.09. The business had revenue of $174.97 million during the quarter, compared to analysts’ expectations of $172.20 million. TowneBank had a return on equity of 7.56% and a net margin of 15.33%. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.52 EPS. As a group, equities research analysts anticipate that TowneBank will post 2.12 EPS for the current year.

TowneBank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date was Monday, September 30th. TowneBank’s dividend payout ratio is presently 49.51%.

Institutional Trading of TowneBank

A number of institutional investors have recently added to or reduced their stakes in TOWN. Compton Wealth Advisory Group LLC grew its stake in shares of TowneBank by 13.1% in the first quarter. Compton Wealth Advisory Group LLC now owns 10,007 shares of the bank’s stock valued at $281,000 after buying an additional 1,157 shares in the last quarter. BNP Paribas Financial Markets grew its position in TowneBank by 77.6% in the first quarter. BNP Paribas Financial Markets now owns 34,349 shares of the bank’s stock valued at $964,000 after acquiring an additional 15,004 shares in the last quarter. Choreo LLC raised its stake in shares of TowneBank by 24.7% during the first quarter. Choreo LLC now owns 23,192 shares of the bank’s stock valued at $651,000 after purchasing an additional 4,596 shares during the period. Empowered Funds LLC lifted its position in shares of TowneBank by 8.2% during the first quarter. Empowered Funds LLC now owns 196,880 shares of the bank’s stock worth $5,524,000 after purchasing an additional 14,875 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of TowneBank in the first quarter valued at $234,000. 55.99% of the stock is owned by hedge funds and other institutional investors.

TowneBank Company Profile

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.