Towne Bank (NASDAQ:TOWN) Rating Increased to Hold at Zacks Research

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

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

Towne Bank Stock Performance

Shares of NASDAQ:TOWN opened at $36.24 on Monday. 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 company has a market capitalization of $2.86 billion, a price-to-earnings ratio of 18.30 and a beta of 0.70. The firm’s 50-day moving average is $34.85 and its 200 day moving average is $34.79.

Towne Bank (NASDAQ:TOWN) last released its earnings results on Wednesday, April 22nd. The bank reported $0.74 EPS for the quarter, meeting 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 for the quarter, compared to analysts’ expectations of $274.02 million. During the same quarter in the prior year, the firm posted $0.68 earnings per share. The company’s quarterly revenue was up 34.6% on a year-over-year basis. Research analysts predict that Towne Bank will post 3.15 EPS for the current year.

Hedge Funds Weigh In On Towne Bank

Hedge funds and other institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC raised its holdings in shares of Towne Bank by 32.3% in the first quarter. AQR Capital Management LLC now owns 34,996 shares of the bank’s stock valued at $1,197,000 after acquiring an additional 8,538 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Towne Bank by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,837 shares of the bank’s stock worth $1,430,000 after acquiring an additional 1,837 shares in the last quarter. Millennium Management LLC increased its position in Towne Bank by 56.6% during the 1st quarter. Millennium Management LLC now owns 381,761 shares of the bank’s stock valued at $13,052,000 after purchasing an additional 137,988 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Towne Bank by 4.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 157,713 shares of the bank’s stock valued at $5,392,000 after purchasing an additional 7,115 shares during the period. Finally, Jane Street Group LLC raised its holdings in shares of Towne Bank by 1,220.9% in the 1st quarter. Jane Street Group LLC now owns 157,411 shares of the bank’s stock valued at $5,382,000 after purchasing an additional 145,494 shares in the last quarter. Institutional investors 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.