Raymond James & Associates Acquires 17,856 Shares of TowneBank (NASDAQ:TOWN)

Raymond James & Associates grew its holdings in TowneBank (NASDAQ:TOWN – Get Rating) by 14.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 141,878 shares of the bank’s stock after acquiring an additional 17,856 shares during the quarter. Raymond James & Associates owned 0.20% of TowneBank worth $4,376,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Sargent Bickham Lagudis LLC bought a new stake in shares of TowneBank in the fourth quarter worth about $25,000. CWM LLC grew its holdings in shares of TowneBank by 285.7% during the fourth quarter. CWM LLC now owns 1,049 shares of the bank’s stock worth $32,000 after buying an additional 777 shares in the last quarter. Great West Life Assurance Co. Can bought a new position in shares of TowneBank during the third quarter worth about $107,000. Quantbot Technologies LP bought a new position in shares of TowneBank during the first quarter worth about $123,000. Finally, Federated Hermes Inc. bought a new position in shares of TowneBank during the first quarter worth about $128,000. 52.75% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

TOWN has been the subject of a number of research reports. 22nd Century Group reiterated a “maintains” rating on shares of TowneBank in a report on Wednesday, May 3rd. StockNews.com initiated coverage on TowneBank in a report on Thursday, May 18th. They set a “sell” rating for the company. Piper Sandler decreased their price objective on TowneBank from $31.00 to $28.00 in a report on Monday, May 1st. Keefe, Bruyette & Woods reduced their price target on TowneBank from $32.00 to $28.00 and set a “market perform” rating for the company in a research report on Thursday, April 6th. Finally, Raymond James reduced their price target on TowneBank from $34.00 to $28.00 in a research report on Wednesday, May 3rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $28.00.

TowneBank Stock Performance

Shares of NASDAQ TOWN opened at $23.87 on Wednesday. The stock has a 50 day moving average price of $24.72 and a 200 day moving average price of $28.72. TowneBank has a 52 week low of $21.22 and a 52 week high of $33.42. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.88 and a current ratio of 0.90. The stock has a market capitalization of $1.74 billion, a PE ratio of 9.59 and a beta of 0.95.

TowneBank (NASDAQ:TOWN – Get Rating) last released its quarterly earnings data on Thursday, April 27th. The bank reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). TowneBank had a net margin of 22.91% and a return on equity of 10.04%. The business had revenue of $224.16 million during the quarter, compared to analyst estimates of $188.79 million. Analysts predict that TowneBank will post 2.39 earnings per share for the current fiscal year.

About TowneBank

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TowneBank engages in the provision of retail and commercial banking services to individuals and small and medium size businesses. It operates through the following segments: Banking, Realty, and Insurance. The Banking segment offers loan and deposit services to retail and commercial customers. The Realty segment focuses on the provision of residential real estate services and originations of a variety of mortgage loans.