KBW analyst Catherine Mealor maintained a Hold rating on TowneBank (TOWN – Research Report) today and set a price target of $30.00. The company’s shares closed yesterday at $28.51.
Mealor covers the Financial sector, focusing on stocks such as Atlantic Union Bankshares, Bank OZK, and City Holding Company. According to TipRanks, Mealor has an average return of 13.6% and a 64.90% success rate on recommended stocks.
TowneBank has an analyst consensus of Moderate Buy, with a price target consensus of $30.00.
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Based on TowneBank’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $46.55 million. In comparison, last year the company had a net profit of $55.8 million
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TowneBank (TOWN) Company Description:
TowneBank provides retail and commercial banking services to the individuals and small & medium size businesses. It offers full range of banking and related financial services. It operates through the following segments: Banking, Realty, and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. It also includes commercial mortgage brokerage and a variety of investment & asset management services. The Realty segment provides residential real estate services and originations of a variety of mortgage loans. It also provides resort property management and residential and commercial title insurance. The Insurance segment provides individual and business members with a wide array of insurance products, including life, property, casualty, travel, and vehicle insurance, as well as employee and group benefits. The company was founded by R. Scott Morgan on September 3, 1998 and is headquartered in Portsmouth, VA.
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