TowneBank (TOWN) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of TowneBank (NASDAQ:TOWN) from a hold rating to a buy rating in a research note released on Wednesday. They currently have $35.00 price target on the bank’s stock.

According to Zacks, “Headquartered in Portsmouth, Virginia, TowneBank is now Virginia’s top community bank operating eighteen banking offices in Chesapeake, Hampton, Portsmouth, Newport News, Virginia Beach, Norfolk, Williamsburg and York County. Towne also offers a full range of financial services through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Insurance Agency, TFA Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage and GSH Real Estate Corporation. Local decision-making is a hallmark of its hometown banking strategy that is delivered through the leadership of each group’s President and Board of Directors. “

Several other equities analysts have also recently weighed in on TOWN. Piper Jaffray Companies reiterated a neutral rating and issued a $32.00 price target on shares of TowneBank in a research report on Thursday, October 5th. Brean Capital initiated coverage on TowneBank in a research report on Friday, December 1st. They set a hold rating for the company. BidaskClub cut TowneBank from a buy rating to a hold rating in a research report on Tuesday, December 12th. Finally, Keefe, Bruyette & Woods restated a hold rating and set a $35.00 target price on shares of TowneBank in a research report on Friday, December 22nd. One equities research 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. The stock has a consensus rating of Hold and an average price target of $35.00.

TowneBank (NASDAQ TOWN) opened at $30.55 on Wednesday. The firm has a market capitalization of $2,273.50, a price-to-earnings ratio of 21.67 and a beta of 0.98. TowneBank has a 52-week low of $28.55 and a 52-week high of $35.30. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 0.96.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings results on Thursday, January 25th. The bank reported $0.37 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.01. The company had revenue of $109.14 million during the quarter, compared to analysts’ expectations of $108.16 million. TowneBank had a return on equity of 8.73% and a net margin of 17.77%. analysts anticipate that TowneBank will post 1.89 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, January 12th. Investors of record on Friday, December 29th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.83%. The ex-dividend date was Thursday, December 28th. TowneBank’s payout ratio is 39.72%.

Institutional investors have recently bought and sold shares of the stock. Verity Asset Management Inc. purchased a new position in TowneBank during the third quarter worth about $210,000. Amalgamated Bank grew its position in TowneBank by 1.6% during the second quarter. Amalgamated Bank now owns 7,135 shares of the bank’s stock worth $220,000 after buying an additional 114 shares in the last quarter. Prudential Financial Inc. grew its position in TowneBank by 5.7% during the second quarter. Prudential Financial Inc. now owns 7,225 shares of the bank’s stock worth $223,000 after buying an additional 390 shares in the last quarter. SG Americas Securities LLC grew its position in TowneBank by 63.0% during the third quarter. SG Americas Securities LLC now owns 7,644 shares of the bank’s stock worth $256,000 after buying an additional 2,954 shares in the last quarter. Finally, Aldebaran Financial Inc. grew its position in TowneBank by 0.4% during the second quarter. Aldebaran Financial Inc. now owns 9,073 shares of the bank’s stock worth $279,000 after buying an additional 38 shares in the last quarter. Institutional investors and hedge funds own 44.31% of the company’s stock.

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About TowneBank

TowneBank is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three segments: Banking, Realty and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. The Realty segment provides residential real estate services, originations of a range of mortgage loans, resort property management, and residential and commercial title insurance.

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