November 29, 2016 - By Vivian Park
Professional analysts at Sandler O’Neill’s equity research division cut Towne Bank (NASDAQ:TOWN)‘s stock rating from Buy to Hold on Tuesday morning.
Out of 2 analysts covering Towne Bank (NASDAQ:TOWN), 0 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 0 are positive. $22 is the highest target while $19 is the lowest. The $19.50 average target is -38.87% below today’s ($31.9) stock price. Towne Bank has been the topic of 5 analyst reports since August 24, 2015 according to StockzIntelligence Inc. Bruyette & Woods” initiated TowneBank (NASDAQ:TOWN) on Monday, August 24 with “Mkt Perform” rating. On Monday, August 24 the stock rating was initiated by KBW with “”.
The stock increased 1.92% or $0.6 on November 29, hitting $31.9. About 318,681 shares traded hands or 38.68% up from the average. TowneBank (NASDAQ:TOWN) has risen 52.76% since April 26, 2016 and is uptrending. It has outperformed by 47.50% the S&P500.
Analysts await TowneBank (NASDAQ:TOWN) to report earnings on February, 3. They expect $0.31 earnings per share, up 29.17% or $0.07 from last year’s $0.24 per share. TOWN’s profit will be $18.85 million for 25.73 P/E if the $0.31 EPS becomes a reality. After $0.40 actual earnings per share reported by TowneBank for the previous quarter, Wall Street now forecasts -22.50% negative EPS growth.
TowneBank is a community bank. The Bank offers personal banking services and business banking services. The company has a market cap of $1.94 billion. The Bank operates through three divisions: Banking, Realty and Insurance. It has a 29.02 P/E ratio. The Banking segment provides loan and deposit services to retail and commercial customers.
According to Zacks Investment Research, “Headquartered in Portsmouth, Virginia, TowneBank is now Virginia’s top community bank operating eighteen banking offices in Chesapeake, Hampton, Portsmouth, Newport News, Virginia Beach, Norfolk, Williamsburg and York County. Towne also offers a full range of financial services through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Insurance Agency, TFA Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage and GSH Real Estate Corporation. Local decision-making is a hallmark of its hometown banking strategy that is delivered through the leadership of each group’s President and Board of Directors.”
TowneBank, incorporated on September 3, 1998, is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three divisions: Banking, Realty and Insurance. The Bank provides checking accounts, cards, savings, money markets and certificate of deposits (CDs), mobile banking, financial management software, private banking and switch kit. The Bank also offers auto loans, home equity loans, construction loans, lot loans, recreational vehicles, mortgage loans, land acquisition loans, construction loans, development Loans, and personal loans and lines of credit. The Bank provides investing and retirement loans, insurance loans and real estate loans. The Company’s treasury services include receivables, liquidity and sweep accounts, payables and reporting. The Bank operates approximately 40 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 Moyock, Grandy, Camden County, Southern Shores, Corolla and Nags Head in North Carolina. The Bank offers a range of financial services through its banking and non-banking subsidiaries.
More news for TowneBank (NASDAQ:TOWN) were recently published by: Globenewswire.com, which released: “TowneBank Completes Merger With Monarch Financial Holdings, Inc.” on June 27, 2016. Barrons.com‘s article titled: “TowneBank and Seacoast: Small Banks With Big Potential” and published on February 06, 2016 is yet another important article.
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By Vivian Park