Zacks Research Upgrades Towne Bank (NASDAQ:TOWN) to Hold

Towne Bank (NASDAQ:TOWN) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other equities analysts also recently commented on TOWN. Hovde Group reduced their target price on shares of Towne Bank from $42.00 to $41.00 and set an “outperform” rating for the company in a report on Monday, April 27th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $38.00 price objective (down from $42.00) on shares of Towne Bank in a research report on Wednesday, May 6th. Finally, Weiss Ratings lowered shares of Towne Bank from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Towne Bank currently has a consensus rating of “Moderate Buy” and an average price target of $39.50.

Towne Bank Trading Down 0.1%

Shares of NASDAQ:TOWN opened at $36.24 on Monday. The company has a market capitalization of $2.86 billion, a PE ratio of 18.30 and a beta of 0.70. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.07. Towne Bank has a 12-month low of $31.91 and a 12-month high of $37.86. The business’s fifty day simple moving average is $34.85 and its 200-day simple moving average is $34.79.

Towne Bank (NASDAQ:TOWN) last issued its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.74 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.74. Towne Bank had a return on equity of 9.91% and a net margin of 13.51%.The firm had revenue of $247.62 million during the quarter, compared to analysts’ expectations of $274.02 million. During the same period in the prior year, the business posted $0.68 EPS. The firm’s quarterly revenue was up 34.6% on a year-over-year basis. As a group, equities research analysts predict that Towne Bank will post 3.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of TOWN. Vanguard Group Inc. grew its position in shares of Towne Bank by 5.8% during the 4th quarter. Vanguard Group Inc. now owns 8,082,514 shares of the bank’s stock valued at $269,713,000 after acquiring an additional 443,345 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Towne Bank by 1.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,399,012 shares of the bank’s stock worth $148,114,000 after buying an additional 59,267 shares during the period. State Street Corp grew its stake in Towne Bank by 1.0% in the 4th quarter. State Street Corp now owns 2,138,398 shares of the bank’s stock valued at $71,931,000 after acquiring an additional 21,482 shares during the period. Geode Capital Management LLC raised its position in Towne Bank by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 1,811,213 shares of the bank’s stock worth $60,448,000 after acquiring an additional 12,672 shares during the period. Finally, Patriot Financial Partners GP II L.P. acquired a new position in shares of Towne Bank during the 1st quarter worth about $51,116,000. Institutional investors and hedge funds own 55.99% of the company’s stock.

Towne Bank Company Profile

TowneBank is a Virginia?based financial services company organized as a bank holding company. Its primary subsidiary, TowneBank, operates a network of community banking offices and mortgage production facilities. The company offers a comprehensive range of commercial and consumer banking solutions, including deposit accounts, lending products, treasury management, and private banking services tailored to individuals, small businesses, and middle?market corporations.

In addition to traditional banking, TowneBank provides specialty services through affiliated subsidiaries.