Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Towne Bank (NASDAQ:TOWN) Stock

Towne Bank (NASDAQ:TOWN) had its target price boosted by research analysts at Keefe, Bruyette & Woods from $38.00 to $39.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods‘s price objective points to a potential upside of 5.06% from the stock’s previous close.

Separately, Weiss Ratings cut Towne Bank from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Friday, October 2nd. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Towne Bank presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.00.

Towne Bank Trading Up 2.4%

Shares of TOWN stock opened at $37.12 on Tuesday. The stock’s fifty day moving average is $36.41 and its two-hundred day moving average is $35.66. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.88 and a current ratio of 0.90. The firm has a market capitalization of $2.93 billion, a P/E ratio of 9.45 and a beta of 0.71. Towne Bank has a fifty-two week low of $31.91 and a fifty-two week high of $39.03.

Towne Bank (NASDAQ:TOWN) last issued its earnings results on Wednesday, October 28th. The bank reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.09. The business had revenue of $255.20 million for the quarter, compared to analysts’ expectations of $250.66 million. Towne Bank had a return on equity of 10.01% and a net margin of 28.12%. Research analysts expect that Towne Bank will post 3.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Towne Bank

Institutional investors and hedge funds have recently made changes to their positions in the stock. Alps Advisors Inc. purchased a new stake in shares of Towne Bank in the 3rd quarter valued at approximately $554,000. Kestra Private Wealth Services LLC purchased a new stake in shares of Towne Bank during the 3rd quarter worth $309,000. Covestor Ltd lifted its position in shares of Towne Bank by 46.7% during the 3rd quarter. Covestor Ltd now owns 952 shares of the bank’s stock worth $34,000 after purchasing an additional 303 shares during the last quarter. Choreo LLC grew its stake in shares of Towne Bank by 1.1% during the third quarter. Choreo LLC now owns 37,203 shares of the bank’s stock worth $1,326,000 after purchasing an additional 392 shares in the last quarter. Finally, Signaturefd LLC grew its stake in shares of Towne Bank by 28.0% during the third quarter. Signaturefd LLC now owns 2,856 shares of the bank’s stock worth $102,000 after purchasing an additional 625 shares in the last quarter. 55.99% of the stock is owned by institutional investors and hedge funds.

About Towne Bank

TowneBank is a financial services company headquartered in coastal Virginia. Founded in 1999, the company operates as a community-focused banking organization serving individuals, families and businesses in southeastern Virginia and northeastern North Carolina.

Through its banking operations, TowneBank offers deposit accounts, consumer and commercial lending, mortgages, cash-management services, online and mobile banking, and other traditional financial products. Its business banking services support companies with commercial real estate financing, business loans, treasury management and related banking needs.

Beyond traditional banking, TowneBank provides services through affiliated businesses in areas that include mortgage lending, insurance, wealth management, real estate brokerage and property management.