TowneBank (NASDAQ:TOWN) Cut to “Sell” at Zacks Investment Research
According to Zacks, “TowneBank operates banking offices serving Chesapeake, Chesterfield County, Glen Allen, Hampton, James City County, Mechanicsville, Newport News, Norfolk, Portsmouth, Richmond, Suffolk, Virginia Beach, Williamsburg, and York County in Virginia, along with Raleigh, Cary, Charlotte, Moyock, Grandy, Camden County, Southern Shores, Corolla and Nags Head in North Carolina. Towne also offers a full range of financial services through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. “
Several other research analysts have also recently weighed in on TOWN. BidaskClub raised TowneBank from a sell rating to a hold rating in a research report on Tuesday, July 23rd. Piper Jaffray Companies assumed coverage on TowneBank in a research report on Tuesday, July 16th. They issued a neutral rating and a $27.00 price objective on the stock. Finally, ValuEngine raised TowneBank from a sell rating to a hold rating in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. The stock currently has an average rating of Hold and a consensus target price of $29.00.
TowneBank (NASDAQ:TOWN) last posted its quarterly earnings data on Thursday, July 25th. The bank reported $0.48 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by ($0.04). TowneBank had a return on equity of 9.06% and a net margin of 21.63%. The business had revenue of $144.54 million during the quarter, compared to analysts’ expectations of $140.67 million. As a group, analysts forecast that TowneBank will post 1.87 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada lifted its holdings in TowneBank by 96.8% in the 2nd quarter. Royal Bank of Canada now owns 64,419 shares of the bank’s stock worth $1,757,000 after buying an additional 31,685 shares during the period. Nuveen Asset Management LLC purchased a new stake in TowneBank in the 2nd quarter worth approximately $7,530,000. UBS Asset Management Americas Inc. lifted its holdings in TowneBank by 10.9% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 48,351 shares of the bank’s stock worth $1,319,000 after buying an additional 4,735 shares during the period. Cubist Systematic Strategies LLC lifted its holdings in TowneBank by 20.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 10,336 shares of the bank’s stock worth $282,000 after buying an additional 1,727 shares during the period. Finally, AQR Capital Management LLC purchased a new stake in TowneBank in the 2nd quarter worth approximately $203,000. 46.76% of the stock is currently owned by hedge funds and other institutional investors.
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, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.
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