Stephens Reaffirms “Equal Weight” Rating for TowneBank (NASDAQ:TOWN)

TowneBank (NASDAQ:TOWN)‘s stock had its “equal weight” rating reiterated by research analysts at Stephens in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $41.00 price target on the bank’s stock. Stephens’ price target would indicate a potential upside of 17.58% from the company’s previous close.

Separately, Keefe, Bruyette & Woods raised shares of TowneBank from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $35.00 to $40.00 in a research note on Wednesday, October 2nd.

TowneBank Price Performance

NASDAQ TOWN opened at $34.87 on Thursday. The stock’s 50 day simple moving average is $35.08 and its 200 day simple moving average is $33.76. TowneBank has a one year low of $25.70 and a one year high of $38.28. The firm has a market cap of $2.62 billion, a PE ratio of 16.22 and a beta of 0.93.

TowneBank (NASDAQ:TOWN) last released its earnings results on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.48 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. As a group, equities analysts expect that TowneBank will post 2.47 earnings per share for the current year.

Institutional Investors Weigh In On TowneBank

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Salem Investment Counselors Inc. bought a new stake in shares of TowneBank during the 4th quarter worth $34,000. Blue Trust Inc. boosted its stake in shares of TowneBank by 258.5% in the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank’s stock valued at $47,000 after purchasing an additional 1,034 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in shares of TowneBank in the 2nd quarter valued at approximately $73,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of TowneBank during the 3rd quarter valued at approximately $73,000. Finally, KBC Group NV acquired a new position in TowneBank during the 3rd quarter worth approximately $100,000. Institutional investors and hedge funds own 55.99% of the company’s stock.

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.