TowneBank (NASDAQ:TOWN) Given New $39.00 Price Target at Hovde Group

TowneBank (NASDAQ:TOWN - Get Free Report) had its target price boosted by research analysts at Hovde Group from $38.00 to $39.00 in a note issued to investors on Monday,Briefing.com Automated Import reports. The brokerage currently has an "outperform" rating on the bank's stock. Hovde Group's price target indicates a potential upside of 18.76% from the company's previous close.Separately, Stephens reaffirmed an "equal weight" rating and issued a $41.00 price objective on shares of TowneBank in a research report on Thursday, January 23rd.Get Our Latest Stock Analysis on TOWNTowneBank Price PerformanceShares of NASDAQ:TOWN opened at $32.84 on Monday. The firm has a market capitalization of $2.46 billion, a PE ratio of 15.27 and a beta of 0.79. TowneBank has a 1 year low of $25.70 and a 1 year high of $38.28. The business's 50 day moving average price is $33.73 and its 200-day moving average price is $34.62. TowneBank (NASDAQ:TOWN - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The bank reported $0.68 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. The company had revenue of $190.04 million during the quarter, compared to analysts' expectations of $191.29 million. As a group, analysts expect that TowneBank will post 2.6 earnings per share for the current year. Institutional Trading of TowneBankSeveral hedge funds have recently added to or reduced their stakes in the company. Picton Mahoney Asset Management acquired a new position in TowneBank during the 4th quarter worth about $28,000. Salem Investment Counselors Inc. purchased a new position in TowneBank during the fourth quarter valued at approximately $34,000. Blue Trust Inc. raised its holdings in shares of TowneBank by 258.5% during the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock valued at $47,000 after buying an additional 1,034 shares in the last quarter. Sterling Capital Management LLC grew its position in TowneBank by 807.8% during the 4th quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank's stock worth $75,000 after acquiring an additional 1,971 shares during the last quarter. Finally, Federated Hermes Inc. purchased a new stake in TowneBank in the fourth quarter worth $82,000. 55.99% of the stock is owned by institutional investors and hedge funds. About TowneBank (Get Free Report)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.Featured StoriesFive stocks we like better than TowneBankWhat is the Shanghai Stock Exchange Composite Index?The Bear Market Has Only Just Started - Here's Why Mastering Discipline: Overcoming Emotional Challenges In TradingThese 3 ETFs Let You Hold Real Gold Without the VaultP/E Ratio Calculation: How to Assess StocksWhy Institutions Are Buying Super Micro Computer Stock AgainThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in TowneBank Right Now?Before you consider TowneBank, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and TowneBank wasn't on the list.While TowneBank currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here