TowneBank (NASDAQ:TOWN) Upgraded to “Outperform” by Keefe, Bruyette & Woods

TowneBank (NASDAQ:TOWN) was upgraded by research analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The firm presently has a $40.00 price target on the bank’s stock, up from their prior price target of $35.00. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 25.08% from the company’s previous close.

Separately, StockNews.com raised TowneBank from a “sell” rating to a “hold” rating in a report on Monday, July 29th.

TowneBank Trading Down 3.3 %

TOWN stock opened at $31.98 on Wednesday. The company’s 50 day moving average is $33.10 and its 200 day moving average is $29.34. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of 15.91 and a beta of 0.89. TowneBank has a 1-year low of $21.63 and a 1-year high of $35.10.

TowneBank (NASDAQ:TOWN) last announced its earnings results on Wednesday, July 24th. The bank reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.09. The company had revenue of $174.97 million during the quarter, compared to analyst estimates of $172.20 million. TowneBank had a net margin of 15.33% and a return on equity of 7.56%. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.52 earnings per share. As a group, sell-side analysts forecast that TowneBank will post 2.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of TOWN. State Board of Administration of Florida Retirement System lifted its position in TowneBank by 94.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 47,696 shares of the bank’s stock valued at $1,271,000 after purchasing an additional 23,184 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in TowneBank by 92.5% in the 1st quarter. Russell Investments Group Ltd. now owns 181,730 shares of the bank’s stock worth $5,099,000 after acquiring an additional 87,332 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in shares of TowneBank by 2,100.3% in the first quarter. Public Employees Retirement System of Ohio now owns 21,519 shares of the bank’s stock valued at $604,000 after acquiring an additional 20,541 shares during the period. Bank of New York Mellon Corp raised its stake in shares of TowneBank by 4.4% during the second quarter. Bank of New York Mellon Corp now owns 504,926 shares of the bank’s stock valued at $13,769,000 after acquiring an additional 21,143 shares during the last quarter. Finally, Edgestream Partners L.P. raised its stake in shares of TowneBank by 224.3% during the second quarter. Edgestream Partners L.P. now owns 47,995 shares of the bank’s stock valued at $1,309,000 after acquiring an additional 33,195 shares during the last quarter. Hedge funds and other institutional investors own 55.99% of the company’s stock.

About TowneBank

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.