TowneBank (TOWN) Rating Lowered to Sell at BidaskClub

TowneBank (NASDAQ:TOWN) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Thursday.

TOWN has been the topic of several other research reports. Zacks Investment Research lowered shares of TowneBank from a “hold” rating to a “sell” rating in a research note on Tuesday, October 31st. Piper Jaffray Companies reaffirmed a “neutral” rating and issued a $32.00 target price on shares of TowneBank in a research note on Thursday, October 5th. Brean Capital started coverage on shares of TowneBank in a research note on Friday, December 1st. They issued a “hold” rating on the stock. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $35.00 target price on shares of TowneBank in a research note on Friday, December 22nd. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. TowneBank has a consensus rating of “Hold” and a consensus price target of $34.33.

TowneBank (NASDAQ TOWN) opened at $31.45 on Thursday. The stock has a market cap of $1,970.00, a PE ratio of 20.83 and a beta of 0.98. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 0.96. TowneBank has a one year low of $28.55 and a one year high of $35.30.

TowneBank (NASDAQ:TOWN) last issued its earnings results on Thursday, October 26th. The bank reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.01). The business had revenue of $115.34 million during the quarter, compared to the consensus estimate of $118.96 million. TowneBank had a net margin of 19.55% and a return on equity of 8.49%. sell-side analysts expect that TowneBank will post 1.57 earnings per share for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in TOWN. Chartwell Investment Partners LLC boosted its stake in TowneBank by 169.3% during the 3rd quarter. Chartwell Investment Partners LLC now owns 485,614 shares of the bank’s stock worth $16,268,000 after acquiring an additional 305,304 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in TowneBank by 6.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,946,454 shares of the bank’s stock worth $65,206,000 after acquiring an additional 122,476 shares during the last quarter. State Street Corp boosted its stake in TowneBank by 7.5% during the 2nd quarter. State Street Corp now owns 1,134,228 shares of the bank’s stock worth $34,937,000 after acquiring an additional 78,810 shares during the last quarter. Fuller & Thaler Asset Management Inc. boosted its stake in TowneBank by 1,222.6% during the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 70,100 shares of the bank’s stock worth $2,348,000 after acquiring an additional 64,800 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in TowneBank by 6.5% during the 2nd quarter. Renaissance Technologies LLC now owns 763,287 shares of the bank’s stock worth $23,509,000 after acquiring an additional 46,600 shares during the last quarter. 44.28% of the stock is currently owned by institutional investors and hedge funds.

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TowneBank Company Profile

TowneBank is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three segments: Banking, Realty and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. The Realty segment provides residential real estate services, originations of a range of mortgage loans, resort property management, and residential and commercial title insurance.

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