TowneBank (NASDAQ:TOWN) was upgraded by stock analysts at BidaskClub from a “hold” rating to a “buy” rating in a report issued on Wednesday.
A number of other equities analysts also recently issued reports on TOWN. Raymond James lowered their price target on TowneBank from $35.00 to $31.00 and set a “buy” rating on the stock in a research report on Friday, October 26th. Brean Capital restated a “hold” rating on shares of TowneBank in a research report on Monday, October 29th. Zacks Investment Research downgraded TowneBank from a “hold” rating to a “sell” rating in a research report on Tuesday, October 30th. Finally, ValuEngine downgraded TowneBank from a “hold” rating to a “sell” rating in a research report on Wednesday, January 2nd. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. TowneBank has a consensus rating of “Hold” and an average target price of $34.00.
TOWN stock traded up $0.26 during mid-day trading on Wednesday, reaching $28.48. 107,642 shares of the company’s stock were exchanged, compared to its average volume of 101,807. The company has a market capitalization of $2.03 billion, a P/E ratio of 14.38 and a beta of 1.10. TowneBank has a 12-month low of $22.88 and a 12-month high of $33.85.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can lifted its position in shares of TowneBank by 31.2% in the fourth quarter. Bank of Montreal Can now owns 1,986 shares of the bank’s stock valued at $47,000 after acquiring an additional 472 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of TowneBank by 37.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,028 shares of the bank’s stock valued at $120,000 after acquiring an additional 1,370 shares in the last quarter. Aptus Capital Advisors LLC purchased a new position in shares of TowneBank in the fourth quarter valued at approximately $172,000. Engineers Gate Manager LP purchased a new position in shares of TowneBank in the third quarter valued at approximately $302,000. Finally, WINTON GROUP Ltd lifted its position in TowneBank by 24.6% during the third quarter. WINTON GROUP Ltd now owns 11,503 shares of the bank’s stock worth $355,000 after buying an additional 2,271 shares in 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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