Brokerages Set TowneBank (TOWN) Target Price at $34.00

TowneBank (NASDAQ:TOWN) has received a consensus rating of “Hold” from the seven research firms that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $34.00.

A number of equities analysts have issued reports on TOWN shares. BidaskClub cut TowneBank from a “sell” rating to a “strong sell” rating in a report on Friday, January 26th. Zacks Investment Research cut TowneBank from a “buy” rating to a “hold” rating in a report on Wednesday, March 28th. Sandler O’Neill restated a “hold” rating and set a $32.00 price target on shares of TowneBank in a report on Tuesday, February 6th. Brean Capital restated a “hold” rating on shares of TowneBank in a report on Monday, April 16th. Finally, Raymond James upgraded TowneBank from a “market perform” rating to an “outperform” rating in a report on Thursday, April 26th.

Institutional investors have recently bought and sold shares of the business. Xact Kapitalforvaltning AB acquired a new position in shares of TowneBank during the fourth quarter worth approximately $206,000. Evermay Wealth Management LLC acquired a new position in shares of TowneBank during the first quarter worth approximately $231,000. Trexquant Investment LP acquired a new position in shares of TowneBank during the first quarter worth approximately $237,000. SG Americas Securities LLC raised its position in shares of TowneBank by 89.3% during the first quarter. SG Americas Securities LLC now owns 8,442 shares of the bank’s stock worth $241,000 after purchasing an additional 3,983 shares during the period. Finally, Principal Financial Group Inc. acquired a new position in shares of TowneBank during the first quarter worth approximately $290,000. Hedge funds and other institutional investors own 39.74% of the company’s stock.

Shares of TOWN stock opened at $31.20 on Thursday. TowneBank has a one year low of $27.85 and a one year high of $35.30. The company has a market capitalization of $2.26 billion, a P/E ratio of 20.00 and a beta of 1.01.

TowneBank (NASDAQ:TOWN) last announced its earnings results on Wednesday, April 25th. The bank reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.01. TowneBank had a return on equity of 9.52% and a net margin of 17.38%. The business had revenue of $126.28 million for the quarter, compared to analysts’ expectations of $122.39 million. equities analysts predict that TowneBank will post 2.03 EPS for the current fiscal year.

About TowneBank

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.

Analyst Recommendations for TowneBank (NASDAQ:TOWN)

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