Towne Bank (NASDAQ:TOWN) Earns Buy (B-) Rating from Weiss Ratings

Key Points

• Towne Bank received a "buy (B-)" rating from Weiss Ratings, reflecting positive analyst sentiment toward the stock.
• In recent trading, Towne Bank's stock price decreased by 1.1% to $33.67, with a market capitalization of $2.53 billion.
• The bank reported an earnings per share (EPS) of $0.81 for the latest quarter, exceeding estimates and marking an 18.6% increase in quarterly revenue compared to the previous year.

Towne Bank (NASDAQ:TOWN - Get Free Report)'s stock had its "buy (b-)" rating restated by analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

Several other research analysts have also weighed in on TOWN. Wall Street Zen raised Towne Bank from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Hovde Group lifted their price objective on Towne Bank from $39.00 to $41.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $41.00.

Towne Bank Trading Down 1.1%

TOWN traded down $0.37 during midday trading on Wednesday, hitting $33.67. 262,060 shares of the company were exchanged, compared to its average volume of 279,693. The firm has a market capitalization of $2.53 billion, a P/E ratio of 14.64 and a beta of 0.84. Towne Bank has a 1-year low of $29.43 and a 1-year high of $38.28. The firm's 50 day moving average price is $35.73 and its 200-day moving average price is $34.55. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.01.

Towne Bank (NASDAQ:TOWN - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The bank reported $0.81 EPS for the quarter, topping the consensus estimate of $0.69 by $0.12. The firm had revenue of $207.44 million for the quarter, compared to the consensus estimate of $202.18 million. Towne Bank had a return on equity of 8.99% and a net margin of 16.49%.The business's quarterly revenue was up 18.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.57 EPS. As a group, equities analysts forecast that Towne Bank will post 2.6 EPS for the current fiscal year.

Institutional Trading of Towne Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. increased its position in Towne Bank by 1.1% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,393,296 shares of the bank's stock valued at $150,207,000 after buying an additional 48,623 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Towne Bank by 19.9% during the 1st quarter. Victory Capital Management Inc. now owns 2,584,688 shares of the bank's stock worth $88,370,000 after purchasing an additional 429,487 shares in the last quarter. State Street Corp increased its holdings in Towne Bank by 2.6% during the 2nd quarter. State Street Corp now owns 2,003,504 shares of the bank's stock worth $69,010,000 after purchasing an additional 51,028 shares in the last quarter. Brown Advisory Inc. increased its holdings in Towne Bank by 2,646.3% during the 2nd quarter. Brown Advisory Inc. now owns 1,218,786 shares of the bank's stock worth $41,658,000 after purchasing an additional 1,174,406 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Towne Bank by 8.1% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 578,037 shares of the bank's stock worth $19,757,000 after purchasing an additional 43,376 shares in the last quarter. 55.99% of the stock is owned by institutional investors.

Towne Bank Company Profile

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.

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