Towne Bank (NASDAQ:TOWN) Price Target Raised to $39.00

Key Points

• Keefe, Bruyette & Woods raised Towne Bank’s price target to $39 from $38 while maintaining a “market perform” rating, implying about 5.06% upside.
• Towne Bank reported quarterly earnings of $0.91 per share, beating the $0.82 consensus estimate, while revenue of $255.2 million also exceeded expectations.
• The stock has a consensus “Moderate Buy” rating with an average price target of $40.00; institutional investors own approximately 55.99% of the company.

Towne Bank (NASDAQ:TOWN - Get Free Report) had its price target raised by investment analysts at Keefe, Bruyette & Woods from $38.00 to $39.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a "market perform" rating on the bank's stock. Keefe, Bruyette & Woods's target price suggests a potential upside of 5.06% from the company's current price.

Separately, Weiss Ratings lowered Towne Bank from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Friday, October 2nd. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Towne Bank currently has a consensus rating of "Moderate Buy" and an average target price of $40.00.

Towne Bank Price Performance

Shares of Towne Bank stock opened at $37.12 on Tuesday. The firm has a market cap of $2.93 billion, a PE ratio of 9.45 and a beta of 0.71. The stock has a 50 day moving average of $36.41 and a 200 day moving average of $35.66. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 0.04. Towne Bank has a 12 month low of $31.91 and a 12 month high of $39.03.

Towne Bank (NASDAQ:TOWN - Get Free Report) last posted its earnings results on Wednesday, October 28th. The bank reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.82 by $0.09. Towne Bank had a net margin of 28.12% and a return on equity of 10.01%. The firm had revenue of $255.20 million for the quarter, compared to the consensus estimate of $250.66 million. On average, research analysts expect that Towne Bank will post 3.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Towne Bank

Several large investors have recently modified their holdings of the business. Alps Advisors Inc. acquired a new position in shares of Towne Bank during the 3rd quarter worth approximately $554,000. Kestra Private Wealth Services LLC acquired a new stake in Towne Bank in the 3rd quarter valued at $309,000. Covestor Ltd increased its holdings in Towne Bank by 46.7% in the 3rd quarter. Covestor Ltd now owns 952 shares of the bank's stock worth $34,000 after acquiring an additional 303 shares in the last quarter. Choreo LLC increased its holdings in Towne Bank by 1.1% in the 3rd quarter. Choreo LLC now owns 37,203 shares of the bank's stock worth $1,326,000 after acquiring an additional 392 shares in the last quarter. Finally, Signaturefd LLC increased its holdings in Towne Bank by 28.0% in the 3rd quarter. Signaturefd LLC now owns 2,856 shares of the bank's stock worth $102,000 after acquiring an additional 625 shares in the last quarter. Institutional investors own 55.99% of the company's stock.

About Towne Bank

TowneBank is a financial services company headquartered in coastal Virginia. Founded in 1999, the company operates as a community-focused banking organization serving individuals, families and businesses in southeastern Virginia and northeastern North Carolina.

Through its banking operations, TowneBank offers deposit accounts, consumer and commercial lending, mortgages, cash-management services, online and mobile banking, and other traditional financial products. Its business banking services support companies with commercial real estate financing, business loans, treasury management and related banking needs.

Beyond traditional banking, TowneBank provides services through affiliated businesses in areas that include mortgage lending, insurance, wealth management, real estate brokerage and property management.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.