TowneBank (NASDAQ:TOWN) Shares Pass Below Two Hundred Day Moving Average – Here’s What Happened

TowneBank (NASDAQ:TOWN) shares passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $33.22 and traded as low as $33.04. TowneBank shares last traded at $33.15, with a volume of 214,120 shares.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods raised TowneBank from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $35.00 to $40.00 in a research report on Wednesday, October 2nd.

TowneBank Trading Down 0.9 %

The business’s 50-day simple moving average is $35.22 and its 200 day simple moving average is $33.22. The firm has a market cap of $2.49 billion, a PE ratio of 16.66 and a beta of 0.93.

TowneBank (NASDAQ:TOWN) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. TowneBank had a net margin of 14.89% and a return on equity of 7.32%. The company had revenue of $258.86 million during the quarter, compared to the consensus estimate of $179.80 million. During the same quarter in the previous year, the firm posted $0.60 earnings per share. Analysts expect that TowneBank will post 2.07 earnings per share for the current year.

TowneBank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.02%. The ex-dividend date of this dividend is Tuesday, December 31st. TowneBank’s payout ratio is 50.25%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Rhumbline Advisers boosted its stake in TowneBank by 0.8% in the second quarter. Rhumbline Advisers now owns 135,208 shares of the bank’s stock valued at $3,687,000 after acquiring an additional 1,055 shares in the last quarter. Arizona State Retirement System boosted its position in shares of TowneBank by 7.2% in the 2nd quarter. Arizona State Retirement System now owns 20,941 shares of the bank’s stock worth $571,000 after purchasing an additional 1,411 shares in the last quarter. Choreo LLC increased its position in TowneBank by 27.6% during the 2nd quarter. Choreo LLC now owns 29,592 shares of the bank’s stock valued at $799,000 after buying an additional 6,400 shares in the last quarter. American Century Companies Inc. raised its stake in TowneBank by 0.3% in the second quarter. American Century Companies Inc. now owns 784,909 shares of the bank’s stock valued at $21,404,000 after buying an additional 2,676 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in TowneBank by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 4,269,588 shares of the bank’s stock valued at $116,431,000 after buying an additional 119,459 shares during the last quarter. Hedge funds and other institutional investors own 55.99% of the company’s stock.

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.