TowneBank (TOWN) Rating Increased to Buy at BidaskClub

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.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings results on Wednesday, April 25th. The bank reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. The firm had revenue of $126.28 million for the quarter, compared to analysts’ expectations of $122.39 million. TowneBank had a net margin of 17.38% and a return on equity of 8.81%. equities research analysts anticipate that TowneBank will post 2.03 earnings per share for the current fiscal year.

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.

About TowneBank

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.

Analyst Recommendations for TowneBank (NASDAQ:TOWN)

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