Two River Bancorp (TRCB) Rating Increased to Buy at Zacks Investment Research
Two River Bancorp (NASDAQ:TRCB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The brokerage currently has a $20.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 12.42% from the company’s current price.
According to Zacks, “Two River Bancorp is a state-chartered commercial bank. It engaged in the business of commercial and retail banking. The company offers checking accounts, savings accounts, commercial loans, SBA lending, safe deposit boxes, night depository, wire transfers, money orders, traveler’s checks, automated teller machines, direct deposit, telephone and internet banking. Two River Bancorp, formerly known as Community Partners Bancorp, is headquartered in Tinton Falls, NJ. “
Shares of Two River Bancorp (TRCB) traded down 0.7842% on Thursday, hitting $17.6505. The stock had a trading volume of 1,775 shares. The company has a market cap of $148.03 million, a P/E ratio of 16.6671 and a beta of 0.62. Two River Bancorp has a 52-week low of $10.30 and a 52-week high of $18.90. The company has a 50-day moving average of $17.99 and a 200-day moving average of $17.75.
Two River Bancorp (NASDAQ:TRCB) last posted its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.25 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.02. Two River Bancorp had a net margin of 21.67% and a return on equity of 8.86%. The company had revenue of $9.50 million during the quarter, compared to analyst estimates of $9.12 million. On average, equities analysts anticipate that Two River Bancorp will post $0.95 EPS for the current fiscal year.
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In other news, Director Andrew A. Vitale bought 2,000 shares of the firm’s stock in a transaction on Monday, July 31st. The stock was bought at an average cost of $18.21 per share, for a total transaction of $36,420.00. Following the completion of the acquisition, the director now directly owns 19,391 shares in the company, valued at approximately $353,110.11. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 16.48% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in TRCB. Bank of New York Mellon Corp boosted its holdings in shares of Two River Bancorp by 20.7% in the first quarter. Bank of New York Mellon Corp now owns 37,619 shares of the financial services provider’s stock worth $665,000 after buying an additional 6,446 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Two River Bancorp by 2.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 59,757 shares of the financial services provider’s stock worth $1,056,000 after buying an additional 1,438 shares during the period. Nordea Investment Management AB acquired a new position in shares of Two River Bancorp in the first quarter worth about $177,000. Spark Investment Management LLC boosted its holdings in shares of Two River Bancorp by 5.0% in the first quarter. Spark Investment Management LLC now owns 10,500 shares of the financial services provider’s stock worth $185,000 after buying an additional 500 shares during the period. Finally, ClariVest Asset Management LLC acquired a new position in shares of Two River Bancorp in the first quarter worth about $325,000. Institutional investors own 23.17% of the company’s stock.
Two River Bancorp Company Profile
Two River Bancorp is the holding company for Two River Community Bank (the Bank). The Company acts as an independent community financial services provider. The Company’s segment is community banking operations. The Bank is a state-chartered commercial bank. The Bank offers a range of banking services, including demand, savings and time deposits, and commercial loans, residential loans and consumer/installment loans to small and medium-sized businesses, not-for-profit organizations, professionals and individuals primarily in Monmouth, Middlesex and Union Counties, New Jersey.
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