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