Fintel reports that on May 3, 2023, Raymond James maintained coverage of Towne Bank (NASDAQ:TOWN) with a Outperform recommendation.
Analyst Price Forecast Suggests 42.30% Upside
As of April 24, 2023, the average one-year price target for Towne Bank is 31.62. The forecasts range from a low of 28.28 to a high of $35.70. The average price target represents an increase of 42.30% from its latest reported closing price of 22.22.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Towne Bank is 794MM, an increase of 17.27%. The projected annual non-GAAP EPS is 3.03.
Towne Bank Declares $0.23 Dividend
On February 22, 2023 the company declared a regular quarterly dividend of $0.23 per share ($0.92 annualized). Shareholders of record as of March 30, 2023 received the payment on April 12, 2023. Previously, the company paid $0.23 per share.
At the current share price of $22.22 / share, the stock's dividend yield is 4.14%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.83%, the lowest has been 1.76%, and the highest has been 4.60%. The standard deviation of yields is 0.60 (n=236).
The current dividend yield is 2.21 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.36. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.28%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 450 funds or institutions reporting positions in Towne Bank. This is an increase of 5 owner(s) or 1.12% in the last quarter. Average portfolio weight of all funds dedicated to TOWN is 0.13%, an increase of 11.62%. Total shares owned by institutions increased in the last three months by 1.41% to 45,697K shares. 
The put/call ratio of TOWN is 2.14, indicating a bearish outlook.
What are Other Shareholders Doing?
T. Rowe Price Investment Management holds 3,674K shares representing 4.97% ownership of the company. In it's prior filing, the firm reported owning 3,682K shares, representing a decrease of 0.21%. The firm increased its portfolio allocation in TOWN by 10.17% over the last quarter.
PRSVX - T. Rowe Price Small-Cap Value Fund holds 2,312K shares representing 3.13% ownership of the company. In it's prior filing, the firm reported owning 2,316K shares, representing a decrease of 0.17%. The firm increased its portfolio allocation in TOWN by 12.22% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 2,069K shares representing 2.80% ownership of the company. In it's prior filing, the firm reported owning 2,035K shares, representing an increase of 1.61%. The firm increased its portfolio allocation in TOWN by 7.89% over the last quarter.
NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 1,780K shares representing 2.41% ownership of the company. In it's prior filing, the firm reported owning 1,754K shares, representing an increase of 1.44%. The firm increased its portfolio allocation in TOWN by 7.96% over the last quarter.
IWM - iShares Russell 2000 ETF holds 1,578K shares representing 2.14% ownership of the company. In it's prior filing, the firm reported owning 1,477K shares, representing an increase of 6.39%. The firm increased its portfolio allocation in TOWN by 11.21% over the last quarter.
Townebank Portsmouth VA Background Information
(This description is provided by the company.)
Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a mission of serving others and enriching lives. Dedicated to a culture of caring, Towne values all employees and members by embracing their diverse talents, perspectives, and experiences.
See all Towne Bank regulatory filings.This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
