TowneBank (NASDAQ:TOWN) Stock Rating Upgraded by Keefe, Bruyette & Woods

TowneBank (NASDAQ:TOWN) was upgraded by research analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research note issued to investors on Wednesday, MarketBeat.com reports. The firm currently has a $40.00 target price on the bank’s stock, up from their prior target price of $35.00. Keefe, Bruyette & Woods’ target price suggests a potential upside of 23.19% from the company’s previous close.

Separately, StockNews.com raised TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th.

TowneBank Stock Performance

TowneBank stock opened at $32.47 on Wednesday. TowneBank has a one year low of $21.63 and a one year high of $35.10. The stock has a market cap of $2.44 billion, a PE ratio of 16.12 and a beta of 0.89. The stock has a 50-day moving average of $33.09 and a two-hundred day moving average of $29.40.

TowneBank (NASDAQ:TOWN) last released its earnings results on Wednesday, July 24th. The bank reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.09. TowneBank had a net margin of 15.33% and a return on equity of 7.56%. The company had revenue of $174.97 million during the quarter, compared to analysts’ expectations of $172.20 million. During the same period last year, the business earned $0.52 EPS. TowneBank’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, sell-side analysts predict that TowneBank will post 2.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TOWN. TFO Wealth Partners LLC raised its stake in shares of TowneBank by 43,600.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,311 shares of the bank’s stock valued at $39,000 after buying an additional 1,308 shares during the last quarter. Innealta Capital LLC purchased a new position in TowneBank during the second quarter valued at approximately $62,000. Point72 DIFC Ltd acquired a new position in TowneBank in the second quarter valued at approximately $73,000. Heritage Wealth Advisors boosted its position in TowneBank by 2,973.3% in the 1st quarter. Heritage Wealth Advisors now owns 3,565 shares of the bank’s stock worth $100,000 after purchasing an additional 3,449 shares in the last quarter. Finally, EMC Capital Management grew its stake in shares of TowneBank by 230.4% during the 1st quarter. EMC Capital Management now owns 5,703 shares of the bank’s stock worth $160,000 after purchasing an additional 3,977 shares during the period. 55.99% of the stock is currently owned by institutional investors and hedge funds.

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.