Piper Jaffray Companies set a $34.00 target price on Towne Bank (NASDAQ:TOWN) in a research report report published on Tuesday morning. The firm currently has a hold rating on the bank’s stock.

Other equities research analysts have also recently issued reports about the stock. BidaskClub cut shares of Towne Bank from a hold rating to a sell rating in a research report on Wednesday, July 19th. Zacks Investment Research upgraded shares of Towne Bank from a hold rating to a buy rating and set a $34.00 price objective for the company in a research report on Wednesday, July 5th.

Towne Bank (NASDAQ TOWN) traded up 0.1006% during mid-day trading on Tuesday, hitting $33.5337. 43,147 shares of the stock were exchanged. Towne Bank has a 52-week low of $24.35 and a 52-week high of $35.30. The stock’s 50 day moving average is $33.56 and its 200 day moving average is $31.52. The stock has a market cap of $2.08 billion, a PE ratio of 22.9683 and a beta of 0.99.

Towne Bank (NASDAQ:TOWN) last posted its quarterly earnings results on Thursday, October 26th. The bank reported $0.44 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.01). The business had revenue of $115.34 million during the quarter, compared to analysts’ expectations of $118.96 million. Towne Bank had a return on equity of 8.49% and a net margin of 19.55%. Analysts forecast that Towne Bank will post $1.56 EPS for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 12th. Investors of record on Friday, September 29th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend was Thursday, September 28th. Towne Bank’s payout ratio is currently 36.84%.

A number of institutional investors have recently added to or reduced their stakes in the stock. Aldebaran Financial Inc. increased its position in Towne Bank by 0.4% during the second quarter. Aldebaran Financial Inc. now owns 9,073 shares of the bank’s stock worth $279,000 after purchasing an additional 38 shares during the last quarter. Amalgamated Bank increased its position in Towne Bank by 1.6% during the second quarter. Amalgamated Bank now owns 7,135 shares of the bank’s stock worth $220,000 after purchasing an additional 114 shares during the last quarter. Prudential Financial Inc. increased its position in Towne Bank by 1.8% during the first quarter. Prudential Financial Inc. now owns 6,835 shares of the bank’s stock worth $221,000 after purchasing an additional 120 shares during the last quarter. Legal & General Group Plc increased its position in Towne Bank by 1.3% during the second quarter. Legal & General Group Plc now owns 19,101 shares of the bank’s stock worth $589,000 after purchasing an additional 240 shares during the last quarter. Finally, Stratos Wealth Partners LTD. increased its position in Towne Bank by 5.4% during the second quarter. Stratos Wealth Partners LTD. now owns 12,427 shares of the bank’s stock worth $383,000 after purchasing an additional 634 shares during the last quarter. Hedge funds and other institutional investors own 42.26% of the company’s stock.

Towne Bank Company Profile

TowneBank is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three segments: Banking, Realty and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. The Realty segment provides residential real estate services, originations of a range of mortgage loans, resort property management, and residential and commercial title insurance.

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