Towne Bank’s (TOWN) Market Perform Rating Reiterated at Keefe, Bruyette & Woods

Towne Bank (NASDAQ:TOWN)‘s stock had its “market perform” rating reissued by investment analysts at Keefe, Bruyette & Woods in a note issued to investors on Wednesday, Marketbeat.com reports. They currently have a $38.00 price target on the bank’s stock, down from their previous price target of $42.00. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 8.66% from the company’s previous close.

A number of other equities research analysts also recently commented on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Towne Bank in a report on Wednesday, January 21st. Zacks Research downgraded shares of Towne Bank from a “hold” rating to a “strong sell” rating in a report on Monday. Finally, Hovde Group lowered their price target on shares of Towne Bank from $42.00 to $41.00 and set an “outperform” rating for the company in a report on Monday, April 27th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $39.50.

Towne Bank Stock Up 1.2%

Shares of NASDAQ TOWN opened at $34.97 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $2.76 billion, a price-to-earnings ratio of 17.66 and a beta of 0.72. The firm has a 50-day moving average price of $34.35 and a 200 day moving average price of $34.40. Towne Bank has a 52 week low of $31.91 and a 52 week high of $37.86.

Towne Bank (NASDAQ:TOWN) last announced its earnings results on Wednesday, April 22nd. The bank reported $0.74 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.74. The company had revenue of $247.62 million during the quarter, compared to analysts’ expectations of $274.02 million. Towne Bank had a net margin of 13.51% and a return on equity of 10.48%. The firm’s quarterly revenue was up 34.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.68 earnings per share. Equities research analysts anticipate that Towne Bank will post 3.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Towne Bank

Institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its holdings in Towne Bank by 931.5% in the second quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank’s stock valued at $26,000 after purchasing an additional 680 shares during the period. Abound Financial LLC purchased a new stake in Towne Bank in the fourth quarter valued at approximately $27,000. Richardson Financial Services Inc. grew its holdings in Towne Bank by 150.3% in the third quarter. Richardson Financial Services Inc. now owns 816 shares of the bank’s stock valued at $28,000 after purchasing an additional 490 shares during the period. Quantbot Technologies LP purchased a new stake in Towne Bank in the second quarter valued at approximately $30,000. Finally, Atlantic Union Bankshares Corp purchased a new stake in Towne Bank in the third quarter valued at approximately $35,000. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

About Towne Bank

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.