TowneBank (NASDAQ:TOWN) Upgraded to Hold at Zacks Investment Research
According to Zacks, “TowneBank operates banking offices serving Chesapeake, Chesterfield County, Glen Allen, Hampton, James City County, Mechanicsville, Newport News, Norfolk, Portsmouth, Richmond, Suffolk, Virginia Beach, Williamsburg, and York County in Virginia, along with Raleigh, Cary, Charlotte, Moyock, Grandy, Camden County, Southern Shores, Corolla and Nags Head in North Carolina. Towne also offers a full range of financial services through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. “
A number of other research firms have also recently weighed in on TOWN. Piper Jaffray Companies began coverage on TowneBank in a report on Tuesday, July 16th. They set a “neutral” rating and a $27.00 price target on the stock. BidaskClub lowered TowneBank from a “hold” rating to a “sell” rating in a report on Friday, August 30th. Finally, ValuEngine upgraded TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $29.00.
TowneBank (NASDAQ:TOWN) last posted its earnings results on Thursday, July 25th. The bank reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.04). TowneBank had a net margin of 21.63% and a return on equity of 9.06%. The firm had revenue of $144.54 million for the quarter, compared to analyst estimates of $140.67 million. Sell-side analysts anticipate that TowneBank will post 1.84 EPS for the current fiscal year.
Hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its position in TowneBank by 9.0% in the fourth quarter. Geode Capital Management LLC now owns 790,500 shares of the bank’s stock worth $18,932,000 after purchasing an additional 65,244 shares during the period. First Trust Advisors LP lifted its stake in TowneBank by 37.0% during the second quarter. First Trust Advisors LP now owns 106,807 shares of the bank’s stock valued at $2,914,000 after purchasing an additional 28,867 shares during the last quarter. Evermay Wealth Management LLC acquired a new stake in TowneBank during the second quarter valued at approximately $220,000. Nuance Investments LLC bought a new stake in TowneBank during the second quarter worth approximately $9,290,000. Finally, Swiss National Bank boosted its holdings in TowneBank by 13.4% during the second quarter. Swiss National Bank now owns 134,615 shares of the bank’s stock worth $3,672,000 after buying an additional 15,900 shares in the last quarter. 47.20% of the stock is 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, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.
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