TowneBank (NASDAQ:TOWN) Rating Lowered to Sell at BidaskClub
Several other research firms have also issued reports on TOWN. ValuEngine upgraded XOMA from a “sell” rating to a “hold” rating in a research note on Friday, May 24th. Zacks Investment Research lowered Hancock Jaffe Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $34.00.
TowneBank stock opened at $27.29 on Thursday. The company has a quick ratio of 0.99, a current ratio of 1.02 and a debt-to-equity ratio of 0.47. The business’s fifty day moving average is $26.76. TowneBank has a 52-week low of $22.88 and a 52-week high of $33.50. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of 13.78 and a beta of 1.09.
A number of institutional investors have recently added to or reduced their stakes in the business. Quantamental Technologies LLC increased its stake in shares of TowneBank by 118.9% in the first quarter. Quantamental Technologies LLC now owns 1,237 shares of the bank’s stock valued at $31,000 after buying an additional 672 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of TowneBank in the first quarter valued at $33,000. Denali Advisors LLC acquired a new stake in shares of TowneBank in the first quarter valued at $131,000. Meridian Wealth Management LLC acquired a new stake in shares of TowneBank in the first quarter valued at $147,000. Finally, Amundi Pioneer Asset Management Inc. acquired a new stake in shares of TowneBank in the first quarter valued at $149,000. Hedge funds and other institutional investors own 45.94% of the company’s stock.
TowneBank Company Profile
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, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.
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