Towne Bank (NASDAQ:TOWN) Upgraded by Wall Street Zen to "Hold" Rating

Key Points

• Towne Bank was upgraded from a "sell" rating to a "hold" rating by Wall Street Zen, indicating a shift in analysts' outlook on the stock.
• The Hovde Group raised its price target for Towne Bank from $39.00 to $41.00 and assigned it an "outperform" rating, reflecting positive sentiment on its future performance.
• Towne Bank reported quarterly earnings of $0.81 per share, exceeding analyst expectations, and showed an 18.6% year-over-year revenue increase to $207.44 million.

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

Separately, Hovde Group increased 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.

Towne Bank Price Performance

Towne Bank stock opened at $34.49 on Friday. Towne Bank has a one year low of $29.43 and a one year high of $38.28. The business has a fifty day moving average price of $34.71 and a 200-day moving average price of $34.50. The firm has a market capitalization of $2.59 billion, a P/E ratio of 15.00 and a beta of 0.84.

Towne Bank (NASDAQ:TOWN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.69 by $0.12. Towne Bank had a return on equity of 9.05% and a net margin of 16.49%. The company had revenue of $207.44 million for the quarter, compared to the consensus estimate of $202.18 million. During the same quarter last year, the business posted $0.57 earnings per share. The firm's revenue was up 18.6% compared to the same quarter last year. Sell-side analysts expect that Towne Bank will post 2.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Towne Bank

A number of large investors have recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. raised its position in Towne Bank by 5.4% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,354 shares of the bank's stock valued at $250,000 after purchasing an additional 376 shares in the last quarter. SummerHaven Investment Management LLC raised its position in Towne Bank by 1.4% during the first quarter. SummerHaven Investment Management LLC now owns 28,200 shares of the bank's stock valued at $964,000 after purchasing an additional 402 shares in the last quarter. Invesco Ltd. raised its position in Towne Bank by 0.3% during the fourth quarter. Invesco Ltd. now owns 167,173 shares of the bank's stock valued at $5,694,000 after purchasing an additional 430 shares in the last quarter. Cerity Partners LLC raised its position in Towne Bank by 0.4% during the fourth quarter. Cerity Partners LLC now owns 109,607 shares of the bank's stock valued at $3,733,000 after purchasing an additional 463 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in Towne Bank by 4.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 10,098 shares of the bank's stock valued at $364,000 after purchasing an additional 463 shares in the last quarter. Hedge funds and other institutional investors own 55.99% of the company's stock.

About Towne Bank

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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