TowneBank (TOWN) Stock Rating Upgraded by ValuEngine

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TowneBank (NASDAQ:TOWN) was upgraded by ValuEngine from a “sell” rating to a “hold” rating in a report issued on Tuesday.

A number of other equities research analysts also recently issued reports on TOWN. Brean Capital reiterated a “hold” rating on shares of TowneBank in a research note on Monday, October 22nd. Raymond James reduced their price objective on shares of TowneBank from $35.00 to $31.00 and set a “buy” rating on the stock in a research note on Friday, October 26th. BidaskClub upgraded shares of TowneBank from a “sell” rating to a “hold” rating in a research note on Tuesday, October 30th. Finally, Zacks Investment Research downgraded shares of TowneBank from a “hold” rating to a “sell” rating in a research note on Tuesday, October 30th. Five research analysts have rated the stock with a hold rating, The stock presently has an average rating of “Hold” and a consensus target price of $34.00.

TOWN stock opened at $27.01 on Tuesday. TowneBank has a 52 week low of $22.88 and a 52 week high of $33.85. The stock has a market capitalization of $1.93 billion, a P/E ratio of 13.64 and a beta of 1.10.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings results on Thursday, January 24th. The bank reported $0.49 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by ($0.03). TowneBank had a net margin of 21.81% and a return on equity of 9.76%. The business had revenue of $131.42 million during the quarter, compared to analyst estimates of $141.34 million. Research analysts anticipate that TowneBank will post 2.15 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in TOWN. California Public Employees Retirement System lifted its position in TowneBank by 2.5% in the 2nd quarter. California Public Employees Retirement System now owns 122,104 shares of the bank’s stock worth $3,920,000 after buying an additional 2,959 shares in the last quarter. Bank of New York Mellon Corp grew its position in TowneBank by 112.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 802,478 shares of the bank’s stock worth $25,760,000 after purchasing an additional 425,535 shares during the last quarter. Northern Trust Corp boosted its position in shares of TowneBank by 63.4% during the 2nd quarter. Northern Trust Corp now owns 1,236,785 shares of the bank’s stock valued at $39,700,000 after acquiring an additional 479,948 shares in the last quarter. First Trust Advisors LP boosted its position in shares of TowneBank by 3.3% during the 3rd quarter. First Trust Advisors LP now owns 123,183 shares of the bank’s stock valued at $3,800,000 after acquiring an additional 3,992 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its position in shares of TowneBank by 8.7% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 62,521 shares of the bank’s stock valued at $1,929,000 after acquiring an additional 4,984 shares in the last quarter. Hedge funds and other institutional investors own 44.43% of the company’s stock.

About TowneBank

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, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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