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. “
Several other research firms have also issued reports on TOWN. BidaskClub raised TowneBank from a “sell” rating to a “hold” rating in a research note on Tuesday, July 23rd. Piper Jaffray Companies initiated coverage on TowneBank in a research note on Tuesday, July 16th. They set a “neutral” rating and a $27.00 target price on the stock. Finally, ValuEngine raised TowneBank from a “sell” rating to a “hold” rating in a research note on Monday. Five investment analysts have rated the stock with a hold rating, The company presently has a consensus rating of “Hold” and a consensus target price of $31.67.
TOWN traded up $0.17 during mid-day trading on Thursday, hitting $28.31. 1,352 shares of the stock were exchanged, compared to its average volume of 104,332. The firm’s fifty day moving average price is $27.34. TowneBank has a 1-year low of $22.88 and a 1-year high of $33.20. The company has a current ratio of 1.02, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The company has a market cap of $2.04 billion, a P/E ratio of 14.30 and a beta of 1.09.
TowneBank (NASDAQ:TOWN) last posted its earnings results on Thursday, July 25th. The bank reported $0.48 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by ($0.04). TowneBank had a return on equity of 9.16% and a net margin of 21.63%. The firm had revenue of $144.54 million for the quarter, compared to analyst estimates of $140.67 million. Sell-side analysts anticipate that TowneBank will post 1.87 EPS for the current year.
A number of large investors have recently modified their holdings of TOWN. Quantamental Technologies LLC grew its stake in shares of TowneBank by 118.9% during the first quarter. Quantamental Technologies LLC now owns 1,237 shares of the bank’s stock worth $31,000 after acquiring an additional 672 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new stake in shares of TowneBank during the second quarter worth $34,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of TowneBank during the first quarter worth $33,000. Denali Advisors LLC bought a new stake in shares of TowneBank during the first quarter worth $131,000. Finally, Meridian Wealth Management LLC bought a new stake in shares of TowneBank during the first quarter worth $147,000. 46.05% of the stock is owned by institutional investors.
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, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.
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