Notable Reporting: Could TowneBank Change Direction After Making All-Time High?

Notable Reporting: Could TowneBank Change Direction After Making All Time High?

The stock of TowneBank (NASDAQ:TOWN) reached all time high today, Nov, 24 and still has $34.08 target or 7.00% above today’s $31.85 share price. This indicates more upside for the $2.01 billion company. This technical setup was reported by Barchart.com. If the $34.08 PT is reached, the company will be worth $140.70M more.
Trading stocks at an all time highs is usually a winning strategy. An all time high points to a stock which has the most positive fundamentals ever. Even thought the pullback rate is high, if correct risk management is utilized, investors can trade very well such events. The stock increased 1.76% or $0.55 on November 23, hitting $31.85. About 199,008 shares traded hands. TowneBank (NASDAQ:TOWN) has risen 53.49% since April 22, 2016 and is uptrending. It has outperformed by 48.08% the S&P500.

Analysts await TowneBank (NASDAQ:TOWN) to report earnings on February, 3. They expect $0.31 EPS, up 29.17% or $0.07 from last year’s $0.24 per share. TOWN’s profit will be $19.56M for 25.69 P/E if the $0.31 EPS becomes a reality. After $0.40 actual EPS reported by TowneBank for the previous quarter, Wall Street now forecasts -22.50% negative EPS growth.

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. The stock of TowneBank (NASDAQ:TOWN) has “” rating given on Monday, August 24 by KBW. 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 recent TowneBank (NASDAQ:TOWN) news were published by: Streetinsider.com which released: “Towne Bank (TOWN) Declares $0.13 Quarterly Dividend; 1.6% Yield” on November 23, 2016. Also Globenewswire.com published the news titled: “TowneBank Completes Merger With Monarch Financial Holdings, Inc.” on June 27, 2016. Barrons.com‘s news article titled: “TowneBank and Seacoast: Small Banks With Big Potential” with publication date: February 06, 2016 was also an interesting one.

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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