Zacks Investment Research downgraded shares of TowneBank (NASDAQ:TOWN) from a hold rating to a sell rating in a report issued on Saturday, Zacks.com reports.

According to Zacks, “TowneBank operates banking offices serving Chesapeake, Chesterfield County, Glen Allen, Hampton, James City County, Mechanicsville, Newport News, Norfolk, Portsmouth, Richmond, Suffolk, Virginia Beach, Williamsburg, and York County in Virginia, along with Raleigh, Cary, Charlotte, Moyock, Grandy, Camden County, Southern Shores, Corolla and Nags Head in North Carolina. Towne also offers a full range of financial services through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. “

Other equities analysts also recently issued reports about the stock. ValuEngine upgraded shares of XOMA from a sell rating to a hold rating in a report on Friday, May 24th. BidaskClub downgraded shares of Zynerba Pharmaceuticals from a buy rating to a hold rating in a report on Thursday, July 11th. Three analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. The company currently has a consensus rating of Sell and an average target price of $31.67.

Shares of NASDAQ:TOWN opened at $26.85 on Friday. The company has a market cap of $1.97 billion, a P/E ratio of 13.56 and a beta of 1.09. TowneBank has a 12 month low of $22.88 and a 12 month high of $33.50. The firm’s 50-day moving average price is $26.83. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 0.99.

TowneBank (NASDAQ:TOWN) last issued its quarterly earnings results on Thursday, April 25th. The bank reported $0.44 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.05). The firm had revenue of $133.85 million for the quarter, compared to the consensus estimate of $138.13 million. TowneBank had a net margin of 22.24% and a return on equity of 9.31%. As a group, analysts predict that TowneBank will post 1.92 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 10th. Shareholders of record on Friday, June 28th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.68%. This is a boost from TowneBank’s previous quarterly dividend of $0.16. The ex-dividend date was Thursday, June 27th. TowneBank’s payout ratio is 36.36%.

Institutional investors have recently added to or reduced their stakes in the business. Quantamental Technologies LLC boosted its position in TowneBank by 118.9% in the 1st quarter. Quantamental Technologies LLC now owns 1,237 shares of the bank’s stock valued at $31,000 after buying an additional 672 shares during the period. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of TowneBank in the 1st quarter worth approximately $33,000. Denali Advisors LLC purchased a new stake in shares of TowneBank in the 1st quarter worth approximately $131,000. Meridian Wealth Management LLC purchased a new stake in shares of TowneBank in the 1st quarter worth approximately $147,000. Finally, Amundi Pioneer Asset Management Inc. purchased a new stake in shares of TowneBank in the 1st quarter worth approximately $149,000. 45.98% of the stock is owned by institutional investors.

TowneBank Company Profile

TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.

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