Towne Bank (NASDAQ:TOWN) Rating Increased to Hold at Wall Street Zen

Towne Bank (NASDAQ:TOWN - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Sunday.

Other research analysts have also recently issued research reports about the company. Weiss Ratings reiterated a "buy (b-)" rating on shares of Towne Bank in a research report on Friday. Hovde Group raised their price target 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 analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $41.00.

Towne Bank Stock Up 2.7%

TOWN stock opened at $33.70 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.87 and a quick ratio of 0.85. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of 15.04 and a beta of 0.84. The business's fifty day moving average price is $35.16 and its two-hundred day moving average price is $34.58. Towne Bank has a fifty-two week low of $29.43 and a fifty-two week high of $38.28.

Towne Bank (NASDAQ:TOWN - Get Free Report) last posted its quarterly earnings data on Wednesday, October 22nd. The bank reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.08. The firm had revenue of $215.67 million for the quarter, compared to analysts' expectations of $222.28 million. Towne Bank had a return on equity of 9.86% and a net margin of 15.69%.During the same quarter last year, the business earned $0.58 EPS. On average, equities analysts anticipate that Towne Bank will post 2.6 earnings per share for the current year.

Institutional Trading of Towne Bank

A number of hedge funds have recently made changes to their positions in TOWN. Bessemer Group Inc. boosted its stake in shares of Towne Bank by 137.0% during the first quarter. Bessemer Group Inc. now owns 5,121 shares of the bank's stock valued at $175,000 after purchasing an additional 2,960 shares in the last quarter. Verity Asset Management Inc. acquired a new stake in shares of Towne Bank during the first quarter valued at about $326,000. Monument Capital Management acquired a new stake in shares of Towne Bank during the first quarter valued at about $219,000. DAVENPORT & Co LLC raised its position in shares of Towne Bank by 12.7% during the first quarter. DAVENPORT & Co LLC now owns 90,032 shares of the bank's stock worth $3,078,000 after acquiring an additional 10,151 shares during the last quarter. Finally, Lightrock Netherlands B.V. raised its position in shares of Towne Bank by 43.5% during the first quarter. Lightrock Netherlands B.V. now owns 282,752 shares of the bank's stock worth $9,683,000 after acquiring an additional 85,656 shares during the last quarter. 55.99% of the stock is owned by institutional investors and hedge funds.

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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