Towne Bank (NASDAQ:TOWN) Lowered to Strong Sell Rating by Zacks Research

Towne Bank (NASDAQ:TOWN) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Monday,Zacks.com reports.

Several other brokerages have also recently commented on TOWN. Weiss Ratings reiterated a “buy (b-)” rating on shares of Towne Bank in a research report on Wednesday, January 21st. Wall Street Zen raised shares of Towne Bank from a “sell” rating to a “hold” rating in a report on Sunday, October 26th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Towne Bank currently has an average rating of “Hold” and an average price target of $41.00.

Towne Bank Stock Up 2.1%

Shares of NASDAQ TOWN opened at $36.41 on Monday. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of 16.55 and a beta of 0.77. The company’s 50-day simple moving average is $34.74 and its 200-day simple moving average is $34.73. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.02. Towne Bank has a 52-week low of $29.43 and a 52-week high of $38.01.

Towne Bank (NASDAQ:TOWN) last posted its quarterly earnings data on Friday, January 30th. The bank reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.01). Towne Bank had a return on equity of 10.11% and a net margin of 15.12%.The firm had revenue of $221.09 million during the quarter, compared to analyst estimates of $225.43 million. During the same quarter in the previous year, the firm posted $0.55 earnings per share. The company’s quarterly revenue was up 25.3% on a year-over-year basis. Equities analysts predict that Towne Bank will post 2.6 EPS for the current fiscal year.

Hedge Funds Weigh In On Towne Bank

Several institutional investors and hedge funds have recently bought and sold shares of TOWN. EverSource Wealth Advisors LLC raised its position in shares of Towne Bank by 931.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank’s stock valued at $26,000 after buying an additional 680 shares during the period. Richardson Financial Services Inc. increased its stake in Towne Bank by 150.3% during the third quarter. Richardson Financial Services Inc. now owns 816 shares of the bank’s stock worth $28,000 after acquiring an additional 490 shares during the last quarter. Quantbot Technologies LP acquired a new stake in Towne Bank during the second quarter worth $30,000. Atlantic Union Bankshares Corp purchased a new stake in Towne Bank in the third quarter valued at $35,000. Finally, Global Retirement Partners LLC lifted its stake in shares of Towne Bank by 44.1% in the 3rd quarter. Global Retirement Partners LLC now owns 1,104 shares of the bank’s stock valued at $38,000 after purchasing an additional 338 shares during the last quarter. 55.99% of the stock is currently owned by institutional investors and hedge funds.

Towne Bank Company Profile

TowneBank is a Virginia?based financial services company organized as a bank holding company. Its primary subsidiary, TowneBank, operates a network of community banking offices and mortgage production facilities. The company offers a comprehensive range of commercial and consumer banking solutions, including deposit accounts, lending products, treasury management, and private banking services tailored to individuals, small businesses, and middle?market corporations.

In addition to traditional banking, TowneBank provides specialty services through affiliated subsidiaries.