TowneBank (NASDAQ:TOWN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, reports.

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. “

A number of other research firms also recently commented on TOWN. ValuEngine upgraded TowneBank from a “sell” rating to a “hold” rating in a report on Monday, July 29th. BidaskClub cut TowneBank from a “hold” rating to a “sell” rating in a report on Friday, August 30th. Finally, Piper Jaffray Companies initiated coverage on TowneBank in a research report on Tuesday, July 16th. They set a “neutral” rating and a $27.00 price target for the company. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company. TowneBank presently has a consensus rating of “Hold” and an average target price of $29.00.

Shares of TOWN stock traded up $0.52 during mid-day trading on Wednesday, hitting $27.73. 12,687 shares of the company’s stock were exchanged, compared to its average volume of 105,337. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 13.93 and a beta of 1.12. The company has a quick ratio of 0.94, a current ratio of 0.98 and a debt-to-equity ratio of 0.33. TowneBank has a fifty-two week low of $22.88 and a fifty-two week high of $32.42. The stock has a 50-day simple moving average of $26.87 and a two-hundred day simple moving average of $26.59.

TowneBank (NASDAQ:TOWN) last released its earnings results 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 for the quarter, compared to analysts’ expectations of $140.67 million. As a group, analysts anticipate that TowneBank will post 1.84 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its holdings in shares of TowneBank by 0.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 47,787 shares of the bank’s stock valued at $1,300,000 after acquiring an additional 425 shares in the last quarter. Quantamental Technologies LLC increased its stake in TowneBank by 118.9% during the 1st quarter. Quantamental Technologies LLC now owns 1,237 shares of the bank’s stock worth $31,000 after buying an additional 672 shares during the period. Sterling Capital Management LLC increased its stake in TowneBank by 1.8% during the 2nd quarter. Sterling Capital Management LLC now owns 55,853 shares of the bank’s stock worth $1,524,000 after buying an additional 987 shares during the period. Tower Research Capital LLC TRC acquired a new position in TowneBank in the 2nd quarter worth $29,000. Finally, Palladium Partners LLC lifted its holdings in TowneBank by 1.0% in the 2nd quarter. Palladium Partners LLC now owns 116,340 shares of the bank’s stock worth $3,174,000 after buying an additional 1,135 shares in the last quarter. 47.20% of the stock is currently owned by hedge funds and other institutional investors.

About TowneBank

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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