TowneBank (NASDAQ:TOWN) Upgraded to "Hold" at Wall Street Zen

TowneBank (NASDAQ:TOWN - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Friday.

Separately, Hovde Group boosted their target price on shares of TowneBank from $38.00 to $39.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th.

TowneBank Price Performance

TowneBank stock traded up $0.05 during trading hours on Friday, hitting $34.40. The company had a trading volume of 229,806 shares, compared to its average volume of 257,044. The firm has a market capitalization of $2.58 billion, a P/E ratio of 16.00 and a beta of 0.79. TowneBank has a fifty-two week low of $25.70 and a fifty-two week high of $38.28. The firm's fifty day moving average is $33.14 and its 200-day moving average is $34.62.

TowneBank (NASDAQ:TOWN - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The bank reported $0.68 EPS for the quarter, topping the consensus estimate of $0.61 by $0.07. The company had revenue of $190.04 million during the quarter, compared to the consensus estimate of $191.29 million. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. The company's revenue for the quarter was up 14.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.48 earnings per share. Analysts anticipate that TowneBank will post 2.6 earnings per share for the current year.

Institutional Trading of TowneBank

Several large investors have recently modified their holdings of TOWN. Wellington Management Group LLP bought a new stake in shares of TowneBank during the 4th quarter worth $22,894,000. Nuveen LLC bought a new stake in shares of TowneBank during the 1st quarter worth $15,584,000. Victory Capital Management Inc. boosted its holdings in shares of TowneBank 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 buying an additional 429,487 shares during the period. Raymond James Financial Inc. bought a new stake in TowneBank in the 4th quarter valued at $14,122,000. Finally, FJ Capital Management LLC bought a new stake in TowneBank in the 4th quarter valued at $9,908,000. 55.99% of the stock is owned by institutional investors.

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.