Piper Jaffray Companies Reaffirms Neutral Rating for Towne Bank (TOWN)

Piper Jaffray Companies reaffirmed their neutral rating on shares of Towne Bank (NASDAQ:TOWN) in a research report released on Thursday morning, MarketBeat reports. Piper Jaffray Companies currently has a $32.00 price objective on the bank’s stock.

TOWN has been the topic of a number of other research reports. BidaskClub cut Towne Bank from a hold rating to a sell rating in a research note on Wednesday, July 19th. Zacks Investment Research raised Towne Bank from a sell rating to a hold rating in a research note on Wednesday, September 27th.

Towne Bank (NASDAQ TOWN) traded down 0.72% during midday trading on Thursday, reaching $34.35. The company’s stock had a trading volume of 135,375 shares. The firm has a market cap of $2.13 billion, a price-to-earnings ratio of 23.53 and a beta of 0.99. The company’s 50-day moving average is $31.70 and its 200 day moving average is $31.18. Towne Bank has a 12-month low of $24.02 and a 12-month high of $34.70.

TRADEMARK VIOLATION NOTICE: “Piper Jaffray Companies Reaffirms Neutral Rating for Towne Bank (TOWN)” was originally reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this piece of content on another site, it was stolen and republished in violation of US & international trademark and copyright law. The original version of this piece of content can be viewed at https://ledgergazette.com/2017/10/08/piper-jaffray-companies-reaffirms-neutral-rating-for-towne-bank-town.html.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 12th. Stockholders of record on Friday, September 29th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.63%. Towne Bank’s dividend payout ratio is 38.10%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Aldebaran Financial Inc. grew its stake in shares of Towne Bank by 0.4% during the second quarter. Aldebaran Financial Inc. now owns 9,073 shares of the bank’s stock valued at $279,000 after buying an additional 38 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in shares of Towne Bank by 3.4% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 166,890 shares of the bank’s stock valued at $5,140,000 after buying an additional 5,532 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Towne Bank by 2.2% during the second quarter. The Manufacturers Life Insurance Company now owns 454,845 shares of the bank’s stock valued at $14,010,000 after buying an additional 9,929 shares during the last quarter. State Street Corp grew its stake in shares of Towne Bank by 7.5% during the second quarter. State Street Corp now owns 1,134,228 shares of the bank’s stock valued at $34,937,000 after buying an additional 78,810 shares during the last quarter. Finally, Voya Investment Management LLC grew its stake in shares of Towne Bank by 8.1% during the second quarter. Voya Investment Management LLC now owns 27,489 shares of the bank’s stock valued at $847,000 after buying an additional 2,063 shares during the last quarter. 42.32% of the stock is currently owned by hedge funds and other institutional investors.

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

TOWN has been the topic of a number of other research reports. BidaskClub cut Towne Bank from a hold rating to a sell rating in a research note on Wednesday, July 19th. Zacks Investment Research raised Towne Bank from a sell rating to a hold rating in a research note on Wednesday, September 27th.

Towne Bank (NASDAQ TOWN) traded down 0.72% during midday trading on Thursday, reaching $34.35. The company’s stock had a trading volume of 135,375 shares. The firm has a market cap of $2.13 billion, a price-to-earnings ratio of 23.53 and a beta of 0.99. The company’s 50-day moving average is $31.70 and its 200 day moving average is $31.18. Towne Bank has a 12-month low of $24.02 and a 12-month high of $34.70.

TRADEMARK VIOLATION NOTICE: “Piper Jaffray Companies Reaffirms Neutral Rating for Towne Bank (TOWN)” was originally reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this piece of content on another site, it was stolen and republished in violation of US & international trademark and copyright law. The original version of this piece of content can be viewed at https://ledgergazette.com/2017/10/08/piper-jaffray-companies-reaffirms-neutral-rating-for-towne-bank-town.html.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 12th. Stockholders of record on Friday, September 29th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.63%. Towne Bank’s dividend payout ratio is 38.10%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Aldebaran Financial Inc. grew its stake in shares of Towne Bank by 0.4% during the second quarter. Aldebaran Financial Inc. now owns 9,073 shares of the bank’s stock valued at $279,000 after buying an additional 38 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in shares of Towne Bank by 3.4% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 166,890 shares of the bank’s stock valued at $5,140,000 after buying an additional 5,532 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Towne Bank by 2.2% during the second quarter. The Manufacturers Life Insurance Company now owns 454,845 shares of the bank’s stock valued at $14,010,000 after buying an additional 9,929 shares during the last quarter. State Street Corp grew its stake in shares of Towne Bank by 7.5% during the second quarter. State Street Corp now owns 1,134,228 shares of the bank’s stock valued at $34,937,000 after buying an additional 78,810 shares during the last quarter. Finally, Voya Investment Management LLC grew its stake in shares of Towne Bank by 8.1% during the second quarter. Voya Investment Management LLC now owns 27,489 shares of the bank’s stock valued at $847,000 after buying an additional 2,063 shares during the last quarter. 42.32% of the stock is currently owned by hedge funds and other institutional investors.

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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