Towne Bank (NASDAQ:TOWN) Stock Rating Upgraded by Wall Street Zen

Towne Bank (NASDAQ:TOWN) was upgraded by research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Sunday.

Other research analysts also recently issued reports about the company. Weiss Ratings restated a “buy (b-)” rating on shares of Towne Bank in a report on Wednesday, October 8th. Hovde Group increased their target price on Towne Bank from $39.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, July 24th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $41.00.

Towne Bank Trading Down 1.0%

Shares of NASDAQ TOWN opened at $33.37 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.85 and a current ratio of 0.87. The business’s 50 day moving average price is $35.09 and its 200-day moving average price is $34.61. Towne Bank has a fifty-two week low of $29.43 and a fifty-two week high of $38.28. The company has a market cap of $2.50 billion, a price-to-earnings ratio of 14.90 and a beta of 0.84.

Towne Bank (NASDAQ:TOWN) last issued its quarterly earnings results on Wednesday, October 22nd. The bank reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.08. Towne Bank had a return on equity of 9.86% and a net margin of 15.69%.The firm had revenue of $215.67 million for the quarter, compared to the consensus estimate of $222.28 million. During the same period in the prior year, the business posted $0.58 earnings per share. On average, sell-side analysts expect that Towne Bank will post 2.6 earnings per share for the current year.

Institutional Trading of Towne Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its position in Towne Bank by 32.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the bank’s stock worth $98,000 after acquiring an additional 700 shares during the period. Focus Partners Wealth lifted its position in Towne Bank by 6.8% during the 1st quarter. Focus Partners Wealth now owns 143,340 shares of the bank’s stock worth $4,901,000 after acquiring an additional 9,159 shares during the period. Mackenzie Financial Corp lifted its position in Towne Bank by 4.4% during the 1st quarter. Mackenzie Financial Corp now owns 19,656 shares of the bank’s stock worth $672,000 after acquiring an additional 820 shares during the period. Bessemer Group Inc. raised its stake in shares of Towne Bank by 137.0% during the 1st quarter. Bessemer Group Inc. now owns 5,121 shares of the bank’s stock valued at $175,000 after buying an additional 2,960 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Towne Bank by 14.9% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,383 shares of the bank’s stock valued at $492,000 after buying an additional 1,861 shares during the last quarter. Institutional investors and hedge funds own 55.99% of the company’s stock.

Towne Bank 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.