Towne Bank (TOWN) Rating Reiterated by Piper Jaffray Companies
Towne Bank (NASDAQ:TOWN)‘s stock had its “neutral” rating reaffirmed by equities research analysts at Piper Jaffray Companies in a research report issued to clients and investors on Thursday. They currently have a $32.00 price target on the bank’s stock. Piper Jaffray Companies’ target price would indicate a potential downside of 6.84% from the company’s previous close.
A number of other analysts have also recently weighed in on the company. Zacks Investment Research upgraded Towne Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, September 27th. BidaskClub cut Towne Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th.
Towne Bank (NASDAQ:TOWN) opened at 34.35 on Thursday. Towne Bank has a one year low of $24.02 and a one year high of $34.70. The firm has a market cap of $2.13 billion, a P/E ratio of 23.53 and a beta of 0.99. The stock’s 50 day moving average is $31.70 and its 200 day moving average is $31.18.
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A number of large investors have recently made changes to their positions in TOWN. SG Americas Securities LLC bought a new stake in Towne Bank in the second quarter valued at $144,000. Ameritas Investment Partners Inc. bought a new stake in shares of Towne Bank during the first quarter worth $156,000. US Bancorp DE grew its holdings in shares of Towne Bank by 1,216.4% during the second quarter. US Bancorp DE now owns 5,055 shares of the bank’s stock worth $156,000 after purchasing an additional 4,671 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Towne Bank by 17.6% during the second quarter. Victory Capital Management Inc. now owns 6,355 shares of the bank’s stock worth $196,000 after purchasing an additional 952 shares during the last quarter. Finally, Amalgamated Bank grew its holdings in shares of Towne Bank by 1.6% during the second quarter. Amalgamated Bank now owns 7,135 shares of the bank’s stock worth $220,000 after purchasing an additional 114 shares during the last quarter. Hedge funds and other institutional investors own 42.32% of the company’s stock.
Towne Bank Company Profile
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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