TowneBank (NASDAQ:TOWN) Upgraded by Hovde Group to Outperform Rating

TowneBank (NASDAQ:TOWN) was upgraded by analysts at Hovde Group from a “market perform” rating to an “outperform” rating in a research report issued on Friday, Marketbeat Ratings reports. The brokerage presently has a $38.00 price target on the bank’s stock, down from their previous price target of $39.00. Hovde Group’s price objective suggests a potential upside of 24.14% from the stock’s current price.

Separately, Stephens reissued an “equal weight” rating and issued a $41.00 price objective on shares of TowneBank in a research note on Thursday, January 23rd.

TowneBank Stock Performance

NASDAQ:TOWN opened at $30.61 on Friday. The company has a 50-day moving average of $35.45 and a 200-day moving average of $34.82. TowneBank has a 52 week low of $25.70 and a 52 week high of $38.28. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of 14.24 and a beta of 0.79.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. Sell-side analysts forecast that TowneBank will post 2.6 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of TOWN. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of TowneBank by 2.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 17,067 shares of the bank’s stock valued at $581,000 after buying an additional 365 shares during the period. Summit Investment Advisors Inc. increased its holdings in shares of TowneBank by 5.4% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,354 shares of the bank’s stock worth $250,000 after acquiring an additional 376 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in shares of TowneBank by 1.9% during the fourth quarter. Harbor Capital Advisors Inc. now owns 20,073 shares of the bank’s stock worth $684,000 after purchasing an additional 383 shares during the period. Choreo LLC lifted its holdings in shares of TowneBank by 1.3% during the 4th quarter. Choreo LLC now owns 30,112 shares of the bank’s stock valued at $1,033,000 after purchasing an additional 383 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of TowneBank by 0.3% in the 4th quarter. Invesco Ltd. now owns 167,173 shares of the bank’s stock valued at $5,694,000 after purchasing an additional 430 shares during the period. Institutional investors and hedge funds own 55.99% of the company’s stock.

TowneBank Company Profile

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.