TowneBank (NASDAQ:TOWN) Raised to “Outperform” at Keefe, Bruyette & Woods

TowneBank (NASDAQ:TOWN) was upgraded by stock analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The brokerage currently has a $40.00 target price on the bank’s stock, up from their previous target price of $35.00. Keefe, Bruyette & Woods’ target price points to a potential upside of 25.08% from the stock’s current price.

Separately, StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a report on Monday, July 29th.

TowneBank Stock Performance

Shares of TOWN stock opened at $31.98 on Wednesday. TowneBank has a fifty-two week low of $21.63 and a fifty-two week high of $35.10. The stock has a 50 day simple moving average of $33.10 and a two-hundred day simple moving average of $29.34. The company has a market cap of $2.40 billion, a P/E ratio of 15.91 and a beta of 0.89.

TowneBank (NASDAQ:TOWN) last issued its earnings results on Wednesday, July 24th. The bank reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.09. TowneBank had a net margin of 15.33% and a return on equity of 7.56%. The business had revenue of $174.97 million for the quarter, compared to analyst estimates of $172.20 million. During the same period in the prior year, the firm earned $0.52 earnings per share. TowneBank’s revenue was down 3.6% on a year-over-year basis. On average, research analysts predict that TowneBank will post 2.15 earnings per share for the current year.

Institutional Investors Weigh In On TowneBank

A number of institutional investors and hedge funds have recently bought and sold shares of TOWN. Norges Bank bought a new position in TowneBank in the 4th quarter valued at $10,851,000. US Bancorp DE grew its holdings in TowneBank by 26.1% during the 4th quarter. US Bancorp DE now owns 22,580 shares of the bank’s stock valued at $672,000 after buying an additional 4,676 shares in the last quarter. TFO Wealth Partners LLC increased its position in shares of TowneBank by 43,600.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,311 shares of the bank’s stock valued at $39,000 after buying an additional 1,308 shares during the period. Rafferty Asset Management LLC increased its position in shares of TowneBank by 36.1% during the fourth quarter. Rafferty Asset Management LLC now owns 47,933 shares of the bank’s stock valued at $1,426,000 after buying an additional 12,724 shares during the period. Finally, OLD Point Trust & Financial Services N A lifted its holdings in shares of TowneBank by 66.4% in the fourth quarter. OLD Point Trust & Financial Services N A now owns 23,072 shares of the bank’s stock worth $687,000 after buying an additional 9,210 shares in the last quarter. 55.99% of the stock is owned by hedge funds and other institutional investors.

TowneBank Company Profile

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.