TowneBank ( (TOWN) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
TowneBank’s stock has experienced positive movement due to its strategic mergers and acquisitions. Analyst David Bishop from Hovde Group has upgraded the stock to ‘Outperform’ following the completion of a merger with Village Bank and Trust Financial Corp., and a definitive agreement with Old Point Financial. These actions are expected to strengthen TowneBank’s market presence and improve earnings per share by about 10%, leading to a more favorable financial outlook.
More about TowneBank
YTD Price Performance: -8.73%
Average Trading Volume: 239,631
Technical Sentiment Signal: Sell
Current Market Cap: $2.32B
For further insights into TOWN stock on TipRanks’ Stock Analysis page.
See more of today’s top stock gainers and losers.