TowneBank (TOWN) is Downgraded by Sandler O’Neill to Hold

TowneBank (TOWN) was Downgraded by Sandler O’Neill to ” Hold”. Earlier the firm had a rating of “Buy ” on the company shares. Sandler O’Neill advised their investors in a research report released on Nov 29, 2016.

TowneBank opened for trading at $32 and hit $32.15 on the upside on Friday, eventually ending the session at $32.15, with a gain of 0.94% or 0.3 points. The heightened volatility saw the trading volume jump to 1,06,493 shares. Company has a market cap of $1,661 M.

Investors should note that on Nov 23, 2016, TowneBank announced a cash dividend of $0.1300. The company’s management has announced Dec 28, 2016 as the ex-dividend date and fixed the record date on Dec 30, 2016. The payable date has been fixed on Jan 12, 2017.

TowneBank offers retail and commercial banking services to the Greater Hampton Roads region in southeastern Virginia and northeastern North Carolina. The Banking segment provides loan and deposit services to retail and commercial customers. It also provides commercial mortgage brokerage services and a variety of investment and asset management services. The Realty segment provides complete residential real estate services originations of a variety of mortgage loans resort property management and commercial residential title insurance. The Insurance segment provides property and casualty insurance as well as employee and group benefits through Towne Insurance and TFA Benefits. Through Towne Insurance it offers a full line of commercial and consumer insurance products and financial services. Through TFA Benefits it offers health life dental vision and disability plans to employers brokers and individuals.


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