The stock of TowneBank (NASDAQ:TOWN) hit a new 52-week high and has $30.56 target or 27.00% above today’s $24.06 share price. The 9 months bullish chart indicates low risk for the $1.49B company. The 1-year high was reported on Sep, 30 by Barchart.com. If the $30.56 price target is reached, the company will be worth $402.30M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 45,749 shares traded hands. TowneBank (NASDAQ:TOWN) has risen 33.76% since February 26, 2016 and is uptrending. It has outperformed by 23.34% the S&P500.
Analysts await TowneBank (NASDAQ:TOWN) to report earnings on October, 27.
TowneBank (NASDAQ:TOWN) Ratings Coverage
Out of 2 analysts covering Towne Bank (NASDAQ:TOWN), 0 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 0 are positive. Towne Bank has been the topic of 5 analyst reports since August 24, 2015 according to StockzIntelligence Inc. KBW initiated it with “” rating and $19 target price in Monday, August 24 report. The stock of TowneBank (NASDAQ:TOWN) has “Mkt Perform” rating given on Monday, August 24 by Bruyette & Woods”.
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.”
More news for TowneBank (NASDAQ:TOWN) were recently published by: Barrons.com, which released: “TowneBank and Seacoast: Small Banks With Big Potential” on February 06, 2016. Globenewswire.com‘s article titled: “TowneBank Completes Merger With Monarch Financial Holdings, Inc.” and published on June 27, 2016 is yet another important article.
TOWN Company Profile
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.
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