BidaskClub cut shares of TowneBank (NASDAQ:TOWN) from a hold rating to a sell rating in a research note released on Tuesday morning.
A number of other brokerages have also recently commented on TOWN. Brean Capital reaffirmed a hold rating on shares of TowneBank in a research report on Tuesday, July 10th. Piper Jaffray Companies set a $34.00 price target on shares of TowneBank and gave the company a hold rating in a research report on Monday, July 30th. Zacks Investment Research raised shares of TowneBank from a hold rating to a buy rating and set a $37.00 price target on the stock in a research report on Wednesday, August 1st. Finally, ValuEngine cut shares of TowneBank from a hold rating to a sell rating in a research report on Thursday, September 27th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of Hold and an average target price of $33.80.
Shares of TOWN opened at $28.00 on Tuesday. The company has a current ratio of 1.01, a quick ratio of 0.97 and a debt-to-equity ratio of 0.60. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of 17.95 and a beta of 0.98. TowneBank has a 12 month low of $25.50 and a 12 month high of $35.00.
Hedge funds have recently added to or reduced their stakes in the company. ACG Wealth bought a new position in shares of TowneBank during the 2nd quarter worth about $203,000. Principal Financial Group Inc. bought a new position in shares of TowneBank during the 1st quarter worth about $290,000. Engineers Gate Manager LP bought a new position in shares of TowneBank during the 3rd quarter worth about $302,000. Xact Kapitalforvaltning AB boosted its position in shares of TowneBank by 70.3% during the 1st quarter. Xact Kapitalforvaltning AB now owns 11,388 shares of the bank’s stock worth $326,000 after purchasing an additional 4,700 shares in the last quarter. Finally, WINTON GROUP Ltd boosted its position in shares of TowneBank by 24.6% during the 3rd quarter. WINTON GROUP Ltd now owns 11,503 shares of the bank’s stock worth $355,000 after purchasing an additional 2,271 shares in the last quarter. 44.14% of the stock is currently owned by institutional investors.
TowneBank Company Profile
TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.
Further Reading: Hedge Funds Explained
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