TowneBank (TOWN) Rating Increased to Hold at Zacks Investment Research
TowneBank (NASDAQ:TOWN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday.
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. “
Other research analysts have also issued research reports about the company. BidaskClub upgraded TowneBank from a “sell” rating to a “hold” rating in a report on Thursday, November 22nd. Brean Capital reiterated a “hold” rating on shares of TowneBank in a report on Monday, October 29th. Raymond James dropped their target price on TowneBank from $35.00 to $31.00 and set a “buy” rating on the stock in a report on Friday, October 26th. Finally, ValuEngine lowered TowneBank from a “hold” rating to a “sell” rating in a report on Thursday, September 27th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $33.80.
TowneBank (NASDAQ:TOWN) last issued its earnings results on Thursday, October 25th. The bank reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. TowneBank had a return on equity of 9.94% and a net margin of 19.03%. The business had revenue of $137.91 million during the quarter, compared to analysts’ expectations of $138.83 million. On average, equities research analysts expect that TowneBank will post 2.04 EPS for the current year.
A number of institutional investors have recently modified their holdings of the stock. Millennium Management LLC grew its holdings in shares of TowneBank by 328.2% during the 2nd quarter. Millennium Management LLC now owns 372,073 shares of the bank’s stock worth $11,944,000 after acquiring an additional 285,178 shares during the period. MetLife Investment Advisors LLC increased its stake in TowneBank by 9.4% in the 2nd quarter. MetLife Investment Advisors LLC now owns 30,317 shares of the bank’s stock worth $973,000 after buying an additional 2,606 shares in the last quarter. California Public Employees Retirement System increased its stake in TowneBank by 2.5% in the 2nd quarter. California Public Employees Retirement System now owns 122,104 shares of the bank’s stock worth $3,920,000 after buying an additional 2,959 shares in the last quarter. Maltese Capital Management LLC increased its stake in TowneBank by 180.0% in the 2nd quarter. Maltese Capital Management LLC now owns 70,000 shares of the bank’s stock worth $2,247,000 after buying an additional 45,000 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY increased its stake in TowneBank by 11.9% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 21,721 shares of the bank’s stock worth $697,000 after buying an additional 2,302 shares in the last quarter. Institutional investors and hedge funds own 44.41% of the company’s stock.
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, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.
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