BidaskClub Downgrades TowneBank (TOWN) to Sell

TowneBank (NASDAQ:TOWN) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.

A number of other equities analysts have also weighed in on the company. Zacks Investment Research raised TowneBank from a “sell” rating to a “hold” rating in a research report on Thursday. Brean Capital reaffirmed a “hold” rating on shares of TowneBank in a research report on Monday, October 29th. Raymond James lowered their target price on TowneBank from $35.00 to $31.00 and set a “buy” rating on the stock in a research report on Friday, October 26th. Finally, ValuEngine lowered TowneBank from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $33.80.

Shares of TOWN opened at $26.27 on Friday. TowneBank has a 52-week low of $25.50 and a 52-week high of $33.85. The company has a current ratio of 1.01, a quick ratio of 0.97 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of 16.84 and a beta of 0.97.

TowneBank (NASDAQ:TOWN) last issued its quarterly earnings results on Thursday, October 25th. The bank reported $0.54 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.01. TowneBank had a return on equity of 9.94% and a net margin of 19.03%. The firm had revenue of $137.91 million for the quarter, compared to analyst estimates of $138.83 million. Equities analysts predict that TowneBank will post 2.04 earnings per share for the current year.

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of TowneBank by 2.7% during the third quarter. Vanguard Group Inc. now owns 5,624,397 shares of the bank’s stock worth $173,513,000 after purchasing an additional 149,181 shares during the period. BlackRock Inc. raised its position in TowneBank by 3.7% in the 3rd quarter. BlackRock Inc. now owns 4,587,217 shares of the bank’s stock valued at $141,515,000 after buying an additional 164,172 shares during the last quarter. Dimensional Fund Advisors LP raised its position in TowneBank by 1.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,374,360 shares of the bank’s stock valued at $73,248,000 after buying an additional 34,911 shares during the last quarter. Northern Trust Corp raised its position in TowneBank by 63.4% in the 2nd quarter. Northern Trust Corp now owns 1,236,785 shares of the bank’s stock valued at $39,700,000 after buying an additional 479,948 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in TowneBank by 5.7% in the 3rd quarter. Renaissance Technologies LLC now owns 905,527 shares of the bank’s stock valued at $27,936,000 after buying an additional 48,700 shares during the last quarter. 44.41% of the stock is currently owned by institutional investors.

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.

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Analyst Recommendations for TowneBank (NASDAQ:TOWN)

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