TowneBank (NASDAQ:TOWN) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a report issued on Thursday.
TOWN has been the topic of a number of other reports. Zacks Investment Research cut shares of TowneBank from a “buy” rating to a “hold” rating in a research report on Wednesday, March 28th. Brean Capital reaffirmed a “hold” rating on shares of TowneBank in a research report on Monday, April 16th. Finally, Raymond James raised shares of TowneBank from a “market perform” rating to an “outperform” rating in a research report on Thursday, April 26th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $34.00.
Shares of TowneBank opened at $33.70 on Thursday, Marketbeat Ratings reports. The company has a market cap of $2.44 billion, a price-to-earnings ratio of 21.60 and a beta of 1.02. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.97 and a current ratio of 1.01. TowneBank has a fifty-two week low of $27.85 and a fifty-two week high of $35.30.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. acquired a new position in shares of TowneBank during the first quarter worth $290,000. WINTON GROUP Ltd acquired a new position in shares of TowneBank during the first quarter worth $720,000. Xact Kapitalforvaltning AB lifted its position in shares of TowneBank by 70.3% during the first quarter. Xact Kapitalforvaltning AB now owns 11,388 shares of the bank’s stock worth $326,000 after purchasing an additional 4,700 shares in the last quarter. Lara May & Associates LLC acquired a new position in shares of TowneBank during the first quarter worth $457,000. Finally, Millennium Management LLC lifted its position in shares of TowneBank by 329.7% during the first quarter. Millennium Management LLC now owns 86,895 shares of the bank’s stock worth $2,485,000 after purchasing an additional 66,672 shares in the last quarter. 42.55% of the stock is currently owned by institutional investors and hedge funds.
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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