BidaskClub Lowers Towne Bank (TOWN) to Hold

Towne Bank (NASDAQ:TOWN) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a report released on Tuesday.

Several other research analysts have also recently commented on the stock. Brean Capital began coverage on shares of Towne Bank in a report on Friday, December 1st. They set a “hold” rating on the stock. Piper Jaffray Companies set a $34.00 target price on shares of Towne Bank and gave the stock a “hold” rating in a report on Tuesday, October 31st. Finally, Zacks Investment Research cut shares of Towne Bank from a “hold” rating to a “sell” rating in a report on Tuesday, October 31st.

Towne Bank (TOWN) opened at $32.20 on Tuesday. Towne Bank has a fifty-two week low of $28.55 and a fifty-two week high of $35.30. The company has a market cap of $2,045.23, a P/E ratio of 21.62 and a beta of 0.98. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.47.

Towne Bank (NASDAQ:TOWN) last announced its earnings results on Thursday, October 26th. The bank reported $0.44 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.01). Towne Bank had a return on equity of 8.49% and a net margin of 19.55%. The business had revenue of $115.34 million for the quarter, compared to the consensus estimate of $118.96 million. research analysts predict that Towne Bank will post 1.57 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in shares of Towne Bank by 0.3% during the 2nd quarter. Vanguard Group Inc. now owns 4,425,268 shares of the bank’s stock worth $136,298,000 after acquiring an additional 14,299 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Towne Bank by 6.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,946,454 shares of the bank’s stock worth $65,206,000 after acquiring an additional 122,476 shares in the last quarter. State Street Corp boosted its position in shares of Towne Bank by 7.5% during the 2nd quarter. State Street Corp now owns 1,134,228 shares of the bank’s stock worth $34,937,000 after acquiring an additional 78,810 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Towne Bank by 6.5% during the 2nd quarter. Renaissance Technologies LLC now owns 763,287 shares of the bank’s stock worth $23,509,000 after acquiring an additional 46,600 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Towne Bank by 1.9% during the 2nd quarter. Northern Trust Corp now owns 696,097 shares of the bank’s stock worth $21,440,000 after acquiring an additional 13,022 shares in the last quarter. Institutional investors and hedge funds own 44.28% of the company’s stock.

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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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