Bank of America Corp DE grew its position in shares of Towne Bank (NASDAQ:TOWN - Free Report) by 32.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 511,823 shares of the bank's stock after purchasing an additional 125,670 shares during the period. Bank of America Corp DE owned approximately 0.65% of Towne Bank worth $17,233,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its position in shares of Towne Bank by 931.5% in the second quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank's stock worth $26,000 after purchasing an additional 680 shares during the last quarter. Abound Financial LLC bought a new stake in Towne Bank during the fourth quarter valued at approximately $27,000. Quantbot Technologies LP purchased a new position in Towne Bank in the 2nd quarter worth approximately $30,000. Los Angeles Capital Management LLC purchased a new position in Towne Bank in the 4th quarter worth approximately $42,000. Finally, CrossGen Wealth LLC bought a new position in shares of Towne Bank in the 4th quarter worth $53,000. Institutional investors own 55.99% of the company's stock.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on TOWN. Keefe, Bruyette & Woods restated a "market perform" rating and set a $38.00 price objective (down from $42.00) on shares of Towne Bank in a research report on Wednesday, May 6th. Weiss Ratings raised Towne Bank from a "buy (b)" rating to a "buy (b+)" rating in a research note on Wednesday, August 12th. Zacks Research upgraded Towne Bank from a "strong sell" rating to a "hold" rating in a research report on Monday, June 29th. Finally, Hovde Group dropped their price target on Towne Bank from $42.00 to $41.00 and set an "outperform" rating for the company in a research note on Monday, April 27th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $39.50.
Check Out Our Latest Report on TOWN
Towne Bank Price Performance
TOWN stock opened at $37.49 on Friday. The firm has a market cap of $2.96 billion, a P/E ratio of 10.53 and a beta of 0.69. The firm's fifty day moving average is $36.65 and its 200 day moving average is $35.36. Towne Bank has a 52 week low of $31.91 and a 52 week high of $39.03. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.88 and a current ratio of 0.89.
Towne Bank (NASDAQ:TOWN - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.01). Towne Bank had a return on equity of 9.99% and a net margin of 25.64%.The business had revenue of $245.72 million during the quarter, compared to the consensus estimate of $245.33 million. Research analysts predict that Towne Bank will post 3.09 earnings per share for the current year.
Towne Bank Company Profile
(
Free Report)
TowneBank is a Virginia‐based financial services company organized as a bank holding company. Its primary subsidiary, TowneBank, operates a network of community banking offices and mortgage production facilities. The company offers a comprehensive range of commercial and consumer banking solutions, including deposit accounts, lending products, treasury management, and private banking services tailored to individuals, small businesses, and middle‐market corporations.
In addition to traditional banking, TowneBank provides specialty services through affiliated subsidiaries.
Further Reading
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.
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Before you consider Towne Bank, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Towne Bank wasn't on the list.
While Towne Bank currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat just released its list of the 7 hottest IPOs expected to hit Wall Street in 2026. See which companies are preparing to go public and why investors are watching closely.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
