Towne Bank (TOWN) Coverage Initiated by Analysts at Brean Capital

Equities research analysts at Brean Capital began coverage on shares of Towne Bank (NASDAQ:TOWN) in a research report issued to clients and investors on Friday. The firm set a “hold” rating on the bank’s stock.

A number of other brokerages have also recently issued reports on TOWN. Zacks Investment Research cut shares of Towne Bank from a “hold” rating to a “sell” rating in a report on Tuesday, October 31st. Piper Jaffray Companies set a $34.00 target price on shares of Towne Bank and gave the company a “hold” rating in a report on Tuesday, October 31st.

Shares of Towne Bank (TOWN) opened at $33.50 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 0.96. The company has a market cap of $2,133.71, a PE ratio of 22.58 and a beta of 1.00. Towne Bank has a 12-month low of $28.55 and a 12-month high of $35.30.

Towne Bank (NASDAQ:TOWN) last announced its quarterly earnings data on Thursday, October 26th. The bank reported $0.44 EPS for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.01). The firm had revenue of $115.34 million during the quarter, compared to analyst estimates of $118.96 million. Towne Bank had a net margin of 19.55% and a return on equity of 8.49%. equities analysts forecast that Towne Bank will post 1.57 EPS for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Teachers Advisors LLC boosted its stake in Towne Bank by 1.8% during the 1st quarter. Teachers Advisors LLC now owns 103,864 shares of the bank’s stock worth $3,365,000 after acquiring an additional 1,859 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Towne Bank by 6.6% in the first quarter. Legal & General Group Plc now owns 18,861 shares of the bank’s stock valued at $611,000 after acquiring an additional 1,174 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Towne Bank by 161.2% in the first quarter. Goldman Sachs Group Inc. now owns 17,705 shares of the bank’s stock valued at $573,000 after acquiring an additional 10,926 shares during the period. US Bancorp DE raised its stake in Towne Bank by 1,216.4% during the second quarter. US Bancorp DE now owns 5,055 shares of the bank’s stock worth $156,000 after acquiring an additional 4,671 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in Towne Bank by 9.9% during the second quarter. Russell Investments Group Ltd. now owns 30,178 shares of the bank’s stock worth $930,000 after acquiring an additional 2,728 shares in the last quarter. 44.33% of the stock is owned by institutional investors and hedge funds.

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About Towne Bank

TowneBank is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three segments: Banking, Realty and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. The Realty segment provides residential real estate services, originations of a range of mortgage loans, resort property management, and residential and commercial title insurance.

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