The Vanguard Group, Inc. has recently announced that it has increased stake in TowneBank (NASDAQ:TOWN) by 1.22%. After grabbing 7.24 million shares, the institutional investor is now in possession of 87165.0 shares of the Financial Company. The new investment brought the stake of investor firm to 9.95% having worth around $223.22 million. Moreover, BlackRock Fund Advisors increased its share by 41152.0 to have a control over 4.7 million shares. And T. Rowe Price Investment Manageme raised its holdings to 3.68 million shares by acquiring 3.68 million shares or 5.06% of the stake.
TowneBank (TOWN) concluded trading on 01/19/23 at a closing price of $29.99, with 0.14 million shares of worth about $4.26 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 5.12% during that period and on Thursday the price saw a loss of about -0.37%. Currently the company’s common shares owned by public are about 72.58M shares, out of which, 66.76M shares are available for trading.
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Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $34.00 and could fall to a lowest price of $34.00. The stock’s current price level is 11.79% above of average price target set by the analysts, while a rise to estimated low would result in gain of 11.79% for the stock. However, touching the estimated high of $34.00 would mean a gain of 11.79% for the stock.
T Rowe Price Small Cap Value Fund, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund are the top 3 mutual funds which are holding stakes in TowneBank T Rowe Price Small Cap Value Fund is currently holding 2.32 million shares of worth totaling $71.44 million. The company recently came selling 9200.0 shares which brought its stake up to 3.19% of the company’s outstanding shares. Vanguard Total Stock Market Index bought 4213.0 shares, after which its hold over company’s outstanding shares expand to 2.82%, leaving 2.05 million shares with the mutual fund that have a worth of about $63.32 million. Vanguard Small Cap Index Fund, after buying 1.78 million shares, have now control over 2.45% of the stake in the company. It holds 146.0 shares of worth $55.0 million.
TowneBank (NASDAQ: TOWN) started trading at $29.92, below -$0.18 from concluding price of the previous day. However, the stock later moved at a day high price of 30.06, or with a loss of -0.37%. Stock saw a price change of -2.88% in past 5 days and over the past one month there was a price change of -1.09%. Year-to-date (YTD), TOWN shares are showing a performance of -2.76% which decreased to -11.64% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $26.18 but also hit the highest price of $34.21 during that period. The average intraday trading volume for TowneBank shares is 148.70K. The stock is currently trading -2.40% below its 20-day simple moving average (SMA20), while that difference is down -5.00% for SMA50 and it goes to 1.72% higher than SMA200.
The Vanguard Group, Inc. acquired 7.24 million shares of TowneBank having value of about $223.22 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 87165.0 shares in the company valued at close to $2614078.35, or have control over 1.22% stake in the company. TowneBank (NASDAQ: TOWN) currently have 72.58M outstanding shares and institutions hold larger chunk of about 54.70% of that. Holding of mutual funds in the company is about 18.14% while other institutional holders and individual stake holders have control over 35.87% and — of the stake respectively.
The stock has a current market capitalization of $2.18B and its 3Y-monthly beta is at 1.02. PE ratio of stock for trailing 12 months is 11.92, while it has posted earnings per share of $2.52 in the same period. It has a debt-to-equity ratio of 0.14. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for TOWN, volatility over the week remained 2.71% while standing at 2.05% over the month.
Analysts are in expectations that TowneBank (TOWN) stock would likely to be making an EPS of $0.71 in the current quarter, while forecast for next quarter EPS is $0.79 and it is $3.1 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.71 which is $0.71 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.55 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 47.70% while it is estimated to increase by 11.24% in next year.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Piper Sandler on February 03, 2021 offering an Overweight rating for the stock and assigned a target price range of between $25 and $28 to it. Coverage by Piper Sandler stated TowneBank (TOWN) stock as a Neutral in their note to investors on August 03, 2020, suggesting a price target of $19 for the stock. Stock get a Mkt perform rating from Raymond James on January 07, 2019.
