TowneBank (NASDAQ:TOWN) Reaches New 52-Week High – Should You Buy?

Shares of TowneBank (NASDAQ:TOWN) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $35.82 and last traded at $35.65, with a volume of 38454 shares. The stock had previously closed at $32.42.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports 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 target for the stock from $35.00 to $40.00 in a research report on Wednesday, October 2nd.

TowneBank Stock Up 1.0 %

The stock has a market capitalization of $2.66 billion, a P/E ratio of 17.63 and a beta of 0.89. The firm’s 50-day simple moving average is $33.59 and its 200 day simple moving average is $30.58.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02. TowneBank had a return on equity of 7.41% and a net margin of 14.89%. The business had revenue of $258.86 million during the quarter, compared to analyst estimates of $179.80 million. During the same quarter last year, the company posted $0.60 EPS. As a group, equities analysts anticipate that TowneBank will post 2.07 EPS for the current fiscal year.

TowneBank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.82%. 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

Institutional investors and hedge funds have recently modified their holdings of the stock. Oak Harbor Wealth Partners LLC lifted its holdings in shares of TowneBank by 7.0% during the 2nd quarter. Oak Harbor Wealth Partners LLC now owns 8,408 shares of the bank’s stock valued at $229,000 after buying an additional 549 shares during the last quarter. SummerHaven Investment Management LLC raised its holdings in shares of TowneBank by 1.9% during the 2nd quarter. SummerHaven Investment Management LLC now owns 31,187 shares of the bank’s stock valued at $850,000 after purchasing an additional 569 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of TowneBank by 6.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 9,753 shares of the bank’s stock valued at $322,000 after purchasing an additional 617 shares during the last quarter. Oppenheimer & Co. Inc. boosted its holdings in TowneBank by 2.9% in the first quarter. Oppenheimer & Co. Inc. now owns 25,528 shares of the bank’s stock worth $716,000 after purchasing an additional 719 shares in the last quarter. Finally, First Western Trust Bank increased its position in TowneBank by 4.3% during the third quarter. First Western Trust Bank now owns 18,123 shares of the bank’s stock worth $599,000 after buying an additional 745 shares during the last quarter. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

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.