TowneBank (NASDAQ:TOWN) Lowered to “Sell” at StockNews.com

TowneBank (NASDAQ:TOWN) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

TowneBank Stock Performance

Shares of TowneBank stock traded down $0.29 during mid-day trading on Thursday, hitting $27.22. 142,692 shares of the stock were exchanged, compared to its average volume of 247,279. TowneBank has a 12 month low of $21.63 and a 12 month high of $31.08. The company has a 50-day simple moving average of $26.92 and a 200 day simple moving average of $27.56. The company has a market capitalization of $2.04 billion, a P/E ratio of 13.54 and a beta of 0.90.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings data on Wednesday, April 24th. The bank reported $0.48 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.48. The firm had revenue of $167.10 million during the quarter, compared to the consensus estimate of $169.68 million. TowneBank had a return on equity of 7.45% and a net margin of 15.50%. The business’s revenue for the quarter was down 9.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.62 EPS. Analysts predict that TowneBank will post 2.07 EPS for the current year.

Institutional Investors Weigh In On TowneBank

Institutional investors have recently added to or reduced their stakes in the business. EMC Capital Management boosted its holdings in TowneBank by 230.4% in the 1st quarter. EMC Capital Management now owns 5,703 shares of the bank’s stock worth $160,000 after buying an additional 3,977 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in TowneBank in the 1st quarter worth about $4,907,000. Public Employees Retirement System of Ohio boosted its stake in TowneBank by 2,100.3% in the 1st quarter. Public Employees Retirement System of Ohio now owns 21,519 shares of the bank’s stock worth $604,000 after purchasing an additional 20,541 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in TowneBank by 3.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 68,805 shares of the bank’s stock valued at $1,931,000 after buying an additional 2,477 shares in the last quarter. Finally, Bessemer Group Inc. lifted its holdings in shares of TowneBank by 45.2% in the first quarter. Bessemer Group Inc. now owns 6,817 shares of the bank’s stock worth $191,000 after buying an additional 2,121 shares in the last quarter. 55.99% of the stock is owned by hedge funds and other institutional investors.

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.