TowneBank (NASDAQ:TOWN) Receives Equal Weight Rating from Stephens

TowneBank (NASDAQ:TOWN)‘s stock had its “equal weight” rating reissued by analysts at Stephens in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $41.00 target price on the bank’s stock. Stephens’ price objective would indicate a potential upside of 17.63% from the company’s current price.

Separately, Keefe, Bruyette & Woods raised shares of TowneBank from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $35.00 to $40.00 in a report on Wednesday, October 2nd.

TowneBank Price Performance

TOWN traded up $0.53 on Thursday, reaching $34.86. 42,482 shares of the company traded hands, compared to its average volume of 205,577. The stock’s 50 day moving average price is $35.09 and its 200-day moving average price is $33.69. TowneBank has a 52-week low of $25.70 and a 52-week high of $38.28. The company has a market cap of $2.61 billion, a price-to-earnings ratio of 17.52 and a beta of 0.93.

TowneBank (NASDAQ:TOWN) last posted its earnings results on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, topping the consensus estimate of $0.48 by $0.07. TowneBank had a net margin of 14.89% and a return on equity of 7.32%. As a group, equities research analysts forecast that TowneBank will post 2.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On TowneBank

Hedge funds have recently added to or reduced their stakes in the stock. Salem Investment Counselors Inc. bought a new position in shares of TowneBank in the 4th quarter valued at about $34,000. Blue Trust Inc. boosted its stake in shares of TowneBank by 258.5% in the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank’s stock valued at $47,000 after purchasing an additional 1,034 shares during the last quarter. Point72 DIFC Ltd bought a new position in shares of TowneBank in the 2nd quarter valued at about $73,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of TowneBank in the 3rd quarter valued at about $73,000. Finally, KBC Group NV bought a new position in shares of TowneBank in the 3rd quarter valued at about $100,000. Institutional investors own 55.99% of the company’s stock.

TowneBank Company Profile

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.