TowneBank (NASDAQ:TOWN) Lowered to "Sell" Rating by Wall Street Zen

TowneBank (NASDAQ:TOWN - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Thursday.

Several other research analysts have also weighed in on the stock. Hovde Group lifted their price objective on shares of TowneBank from $38.00 to $39.00 and gave the stock an "outperform" rating in a research note on Monday, April 28th. Stephens reissued an "equal weight" rating and set a $41.00 price objective on shares of TowneBank in a research note on Thursday, January 23rd.

TowneBank Stock Down 0.5%

TowneBank stock traded down $0.19 during midday trading on Thursday, hitting $34.41. 23,272 shares of the stock were exchanged, compared to its average volume of 254,523. The company has a fifty day simple moving average of $33.25 and a two-hundred day simple moving average of $34.66. TowneBank has a 52 week low of $25.70 and a 52 week high of $38.28. The stock has a market capitalization of $2.58 billion, a PE ratio of 16.01 and a beta of 0.79.

TowneBank (NASDAQ:TOWN - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. The business had revenue of $190.04 million for the quarter, compared to analyst estimates of $191.29 million. During the same quarter last year, the firm earned $0.48 EPS. TowneBank's quarterly revenue was up 14.9% compared to the same quarter last year. As a group, equities research analysts anticipate that TowneBank will post 2.6 EPS for the current fiscal year.

Institutional Investors Weigh In On TowneBank

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of TowneBank by 2.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 17,067 shares of the bank's stock worth $581,000 after acquiring an additional 365 shares during the period. Summit Investment Advisors Inc. lifted its position in shares of TowneBank by 5.4% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,354 shares of the bank's stock worth $250,000 after purchasing an additional 376 shares in the last quarter. Choreo LLC lifted its position in shares of TowneBank by 1.3% in the fourth quarter. Choreo LLC now owns 30,112 shares of the bank's stock worth $1,033,000 after purchasing an additional 383 shares in the last quarter. SummerHaven Investment Management LLC lifted its position in shares of TowneBank by 1.4% in the first quarter. SummerHaven Investment Management LLC now owns 28,200 shares of the bank's stock worth $964,000 after purchasing an additional 402 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of TowneBank by 0.3% in the fourth quarter. Invesco Ltd. now owns 167,173 shares of the bank's stock worth $5,694,000 after purchasing an additional 430 shares in the last quarter. 55.99% of the stock is currently owned by institutional investors and hedge funds.

About TowneBank

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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