TowneBank (TOWN) Upgraded to “Buy” by BidaskClub

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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.

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

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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