Towne Bank’s (TOWN) Neutral Rating Reiterated at Piper Jaffray Companies
Towne Bank (NASDAQ:TOWN)‘s stock had its “neutral” rating restated by Piper Jaffray Companies in a report released on Thursday. They currently have a $32.00 price objective on the bank’s stock. Piper Jaffray Companies’ price target indicates a potential downside of 5.60% from the stock’s current price.
TOWN has been the subject of a number of other research reports. BidaskClub downgraded shares of Towne Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Zacks Investment Research upgraded shares of Towne Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, September 27th.
Towne Bank (TOWN) opened at 33.90 on Thursday. The stock has a market cap of $2.10 billion, a PE ratio of 23.22 and a beta of 0.99. The firm has a 50-day moving average of $31.49 and a 200-day moving average of $31.14. Towne Bank has a 12-month low of $24.00 and a 12-month high of $34.55.
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Institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new position in shares of Towne Bank in the 2nd quarter valued at about $144,000. Ameritas Investment Partners Inc. purchased a new position in shares of Towne Bank in the 1st quarter valued at about $156,000. US Bancorp DE increased its holdings in shares of Towne Bank by 1,216.4% in the 2nd quarter. US Bancorp DE now owns 5,055 shares of the bank’s stock valued at $156,000 after purchasing an additional 4,671 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Towne Bank by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 6,355 shares of the bank’s stock valued at $196,000 after purchasing an additional 952 shares in the last quarter. Finally, Amalgamated Bank increased its holdings in shares of Towne Bank by 1.6% in the 2nd quarter. Amalgamated Bank now owns 7,135 shares of the bank’s stock valued at $220,000 after purchasing an additional 114 shares in the last quarter. Institutional investors and hedge funds own 42.32% of the company’s stock.
About Towne Bank
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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