Towne Bank (TOWN) Rating Reiterated by Piper Jaffray Companies
Towne Bank (NASDAQ:TOWN)‘s stock had its “neutral” rating restated by investment analysts at Piper Jaffray Companies in a research note issued to investors on Thursday, Marketbeat.com reports. They presently have a $32.00 target price on the bank’s stock. Piper Jaffray Companies’ target price indicates a potential downside of 7.51% from the stock’s previous close.
Other analysts have also issued research reports about the company. Zacks Investment Research raised Towne Bank from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research report on Wednesday, July 5th. BidaskClub raised Towne Bank from a “sell” rating to a “hold” rating in a research report on Saturday, July 1st.
Shares of Towne Bank (NASDAQ TOWN) traded up 2.06% on Thursday, reaching $34.60. The company had a trading volume of 167,464 shares. Towne Bank has a 1-year low of $24.00 and a 1-year high of $34.60. The company’s 50 day moving average price is $31.49 and its 200-day moving average price is $31.14. The stock has a market capitalization of $2.14 billion, a P/E ratio of 23.70 and a beta of 0.99.
A number of hedge funds and other institutional investors have recently made changes to their positions in TOWN. Bank of New York Mellon Corp raised its position in Towne Bank by 4.1% in the first quarter. Bank of New York Mellon Corp now owns 543,694 shares of the bank’s stock valued at $17,616,000 after purchasing an additional 21,353 shares during the period. UBS Asset Management Americas Inc. raised its position in Towne Bank by 54.4% in the first quarter. UBS Asset Management Americas Inc. now owns 27,667 shares of the bank’s stock valued at $896,000 after purchasing an additional 9,744 shares during the period. Parametric Portfolio Associates LLC raised its position in Towne Bank by 2.0% in the first quarter. Parametric Portfolio Associates LLC now owns 53,726 shares of the bank’s stock valued at $1,741,000 after purchasing an additional 1,058 shares during the period. Ameritas Investment Partners Inc. purchased a new stake in Towne Bank in the first quarter valued at approximately $156,000. Finally, Prudential Financial Inc. raised its position in Towne Bank by 1.8% in the first quarter. Prudential Financial Inc. now owns 6,835 shares of the bank’s stock valued at $221,000 after purchasing an additional 120 shares during the period. 42.32% of the stock is currently owned by institutional investors.
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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