TowneBank (NASDAQ:TOWN) Price Target Raised to $35.00 at Keefe, Bruyette & Woods

TowneBank (NASDAQ:TOWN) had its price target upped by stock analysts at Keefe, Bruyette & Woods from $30.00 to $35.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target points to a potential upside of 4.42% from the company’s previous close.

Separately, StockNews.com cut shares of TowneBank from a “hold” rating to a “sell” rating in a research note on Thursday, July 4th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $31.33.

TowneBank Stock Down 0.3 %

Shares of TOWN stock traded down $0.11 during mid-day trading on Monday, reaching $33.52. 102,666 shares of the company’s stock traded hands, compared to its average volume of 260,115. TowneBank has a 12 month low of $21.63 and a 12 month high of $33.93. The company has a market cap of $2.51 billion, a P/E ratio of 16.68 and a beta of 0.90. The company’s 50-day moving average price is $27.93 and its 200-day moving average price is $27.59.

TowneBank (NASDAQ:TOWN) last announced its earnings results on Wednesday, July 24th. The bank reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09. The firm had revenue of $174.97 million for the quarter, compared to analysts’ expectations of $172.20 million. TowneBank had a net margin of 15.33% and a return on equity of 7.61%. The company’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.52 EPS. Equities analysts predict that TowneBank will post 2.06 earnings per share for the current year.

Hedge Funds Weigh In On TowneBank

Several hedge funds and other institutional investors have recently bought and sold shares of TOWN. Norges Bank purchased a new stake in shares of TowneBank during the 4th quarter valued at about $10,851,000. Jacobs Levy Equity Management Inc. purchased a new stake in shares of TowneBank during the 1st quarter valued at about $4,907,000. Dimensional Fund Advisors LP increased its position in shares of TowneBank by 4.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,036,878 shares of the bank’s stock valued at $120,140,000 after purchasing an additional 162,347 shares during the last quarter. Vanguard Group Inc. increased its position in shares of TowneBank by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 7,409,093 shares of the bank’s stock valued at $169,891,000 after purchasing an additional 101,677 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of TowneBank by 92.5% during the 1st quarter. Russell Investments Group Ltd. now owns 181,730 shares of the bank’s stock valued at $5,099,000 after purchasing an additional 87,332 shares during the last quarter. Institutional investors own 55.99% of the company’s stock.

About TowneBank

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.