TowneBank (TOWN) Earns “Hold” Rating from Brean Capital

TowneBank (NASDAQ:TOWN)‘s stock had its “hold” rating restated by Brean Capital in a research report issued on Monday, February 4th.

A number of other research firms also recently issued reports on TOWN. BidaskClub raised shares of TowneBank from a “strong sell” rating to a “sell” rating in a research note on Tuesday, October 9th. Zacks Investment Research downgraded shares of TowneBank from a “hold” rating to a “sell” rating in a research note on Tuesday, October 30th. Finally, Raymond James cut their price objective on shares of TowneBank from $35.00 to $31.00 and set a “buy” rating on the stock in a report on Friday, October 26th. Five investment analysts have rated the stock with a hold rating, TowneBank has an average rating of “Hold” and an average target price of $34.00.

TOWN stock traded up $0.12 during trading on Monday, reaching $27.69. The company had a trading volume of 158,483 shares, compared to its average volume of 86,560. TowneBank has a 52 week low of $22.88 and a 52 week high of $33.85. The company has a market cap of $2.04 billion, a P/E ratio of 13.98 and a beta of 1.10.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings results on Thursday, January 24th. The bank reported $0.49 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.03). TowneBank had a return on equity of 9.76% and a net margin of 21.81%. The company had revenue of $131.42 million during the quarter, compared to the consensus estimate of $141.34 million. As a group, equities research analysts anticipate that TowneBank will post 2.15 earnings per share for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of Montreal Can grew its holdings in TowneBank by 31.2% in the fourth quarter. Bank of Montreal Can now owns 1,986 shares of the bank’s stock worth $47,000 after purchasing an additional 472 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in TowneBank by 37.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,028 shares of the bank’s stock worth $120,000 after purchasing an additional 1,370 shares during the period. Aptus Capital Advisors LLC purchased a new stake in TowneBank in the fourth quarter worth about $172,000. Engineers Gate Manager LP purchased a new stake in TowneBank in the third quarter worth about $302,000. Finally, WINTON GROUP Ltd grew its holdings in shares of TowneBank by 24.6% during the third quarter. WINTON GROUP Ltd now owns 11,503 shares of the bank’s stock valued at $355,000 after buying an additional 2,271 shares during the last quarter. Institutional investors and hedge funds own 44.72% of the company’s stock.

TowneBank Company Profile

TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.

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