TowneBank (NASDAQ:TOWN) Receives Equal Weight Rating from Stephens

TowneBank (NASDAQ:TOWN)‘s stock had its “equal weight” rating restated by analysts at Stephens in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $41.00 price objective on the bank’s stock. Stephens’ price target points to a potential upside of 17.63% from the company’s current price.

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

TowneBank Stock Performance

TOWN stock traded up $0.53 during mid-day trading on Thursday, hitting $34.86. 42,482 shares of the company were exchanged, compared to its average volume of 205,577. The firm has a market cap of $2.61 billion, a P/E ratio of 17.52 and a beta of 0.93. The firm’s 50 day simple moving average is $35.09 and its 200 day simple moving average is $33.69. TowneBank has a 1-year low of $25.70 and a 1-year high of $38.28.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.07. TowneBank had a net margin of 14.89% and a return on equity of 7.32%. On average, equities research analysts predict that TowneBank will post 2.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of TOWN. Point72 DIFC Ltd acquired a new position in TowneBank in the second quarter valued at about $73,000. Cubist Systematic Strategies LLC raised its stake in TowneBank by 315.8% during the second quarter. Cubist Systematic Strategies LLC now owns 95,407 shares of the bank’s stock worth $2,602,000 after acquiring an additional 72,464 shares in the last quarter. AQR Capital Management LLC raised its stake in TowneBank by 80.4% during the second quarter. AQR Capital Management LLC now owns 16,693 shares of the bank’s stock worth $455,000 after acquiring an additional 7,441 shares in the last quarter. Deprince Race & Zollo Inc. raised its stake in TowneBank by 30.1% during the second quarter. Deprince Race & Zollo Inc. now owns 184,376 shares of the bank’s stock worth $5,028,000 after acquiring an additional 42,641 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in TowneBank by 3.1% during the second quarter. The Manufacturers Life Insurance Company now owns 41,390 shares of the bank’s stock worth $1,129,000 after acquiring an additional 1,263 shares in the last quarter. 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.