Towne Bank (NASDAQ:TOWN) Share Price Crosses Below 200-Day Moving Average – What’s Next?

Towne Bank (NASDAQ:TOWN) shares crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $34.71 and traded as low as $34.62. Towne Bank shares last traded at $35.18, with a volume of 685,890 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Wall Street Zen upgraded Towne Bank from a “sell” rating to a “hold” rating in a research note on Sunday, October 26th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Towne Bank in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $41.00.

Towne Bank Stock Performance

The company has a market cap of $2.64 billion, a P/E ratio of 15.71 and a beta of 0.78. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.02. The business has a fifty day simple moving average of $34.09 and a two-hundred day simple moving average of $34.71.

Towne Bank (NASDAQ:TOWN) last released its quarterly earnings results on Wednesday, October 22nd. The bank reported $0.83 EPS for the quarter, beating the consensus estimate of $0.75 by $0.08. The firm had revenue of $215.67 million during the quarter, compared to analyst estimates of $222.28 million. Towne Bank had a net margin of 15.69% and a return on equity of 9.64%. During the same quarter in the prior year, the firm earned $0.58 EPS. On average, sell-side analysts anticipate that Towne Bank will post 2.6 EPS for the current year.

Towne Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 7th. Shareholders of record on Friday, December 26th were given a $0.27 dividend. The ex-dividend date was Friday, December 26th. This represents a $1.08 annualized dividend and a yield of 3.1%. Towne Bank’s dividend payout ratio (DPR) is presently 48.21%.

Institutional Investors Weigh In On Towne Bank

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bay Capital Advisors LLC raised its holdings in Towne Bank by 41.2% in the 4th quarter. Bay Capital Advisors LLC now owns 33,760 shares of the bank’s stock worth $1,127,000 after purchasing an additional 9,854 shares during the period. SG Americas Securities LLC raised its stake in shares of Towne Bank by 119.4% in the fourth quarter. SG Americas Securities LLC now owns 41,437 shares of the bank’s stock worth $1,383,000 after buying an additional 22,547 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Towne Bank by 22.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 330,937 shares of the bank’s stock valued at $11,441,000 after buying an additional 59,770 shares in the last quarter. CIBC Bancorp USA Inc. bought a new position in shares of Towne Bank during the 3rd quarter valued at approximately $271,000. Finally, Captrust Financial Advisors grew its stake in shares of Towne Bank by 3.6% during the 3rd quarter. Captrust Financial Advisors now owns 45,927 shares of the bank’s stock valued at $1,588,000 after acquiring an additional 1,611 shares during the period. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

Towne Bank Company Profile

TowneBank is a Virginia‐based financial services company organized as a bank holding company. Its primary subsidiary, TowneBank, operates a network of community banking offices and mortgage production facilities. The company offers a comprehensive range of commercial and consumer banking solutions, including deposit accounts, lending products, treasury management, and private banking services tailored to individuals, small businesses, and middle‐market corporations.

In addition to traditional banking, TowneBank provides specialty services through affiliated subsidiaries.