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 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. ValuEngine raised TowneBank from a sell rating to a hold rating in a research report on Monday, July 29th. Finally, Piper Jaffray Companies assumed coverage on TowneBank in a research report on Tuesday, July 16th. They set a neutral rating and a $27.00 price objective for the company. Five research analysts have rated the stock with a hold rating, The company has an average rating of Hold and an average 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 analysts’ consensus estimates of $0.52 by ($0.04). TowneBank had a return on equity of 9.16% and a net margin of 21.63%. The company had revenue of $144.54 million for the quarter, compared to analyst estimates of $140.67 million. Equities analysts predict that TowneBank will post 1.87 earnings per share for the current year.
A number of institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC purchased a new position in shares of TowneBank during the 2nd quarter worth approximately $29,000. Quantamental Technologies LLC raised its stake in shares of 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 in the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of TowneBank during the 1st quarter worth approximately $33,000. Steward Partners Investment Advisory LLC purchased a new position in shares of TowneBank during the 2nd quarter worth approximately $34,000. Finally, Meridian Wealth Management LLC purchased a new position in shares of TowneBank during the 1st quarter worth approximately $147,000. 46.16% of the stock is owned by institutional investors.
TowneBank Company Profile
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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