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Towne Bank (NASDAQ:TOWN) Stock, Chaîne d'Options

Towne Bank

Towne Bank is a financial services company that places special emphasis on serving the financial needs of individuals, commercial enterprises, and professionals, offering retail and commercial banking services to numerous markets in Virginia and North Carolina. The company has three reportable segments: Banking Segment provides loan and deposit services to retail and commercial customers and provides commercial mortgage brokerage services and investment and asset management services, and the Realty Segment provides residential real estate services and mortgage loans. It also provides resort property management and residential and commercial title insurance, and Insurance Segment provides provide a wide array of insurance products, including property, casualty, life, and health insurance.

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As of Nov. 22, 2024, two stocks in the financials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi">RSI is above 70</a>, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>. 
Here's the latest list of major overbought players in this sector.
<h3 class="wp-block-heading">TowneBank (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TOWN#NASDAQ">TOWN</a>)</h3>
<ul>
<li>On Oct. 23, Towne Bank reported worse-than-expected third-quarter revenue. &#8220;Our third quarter results continued to deliver increased net interest income and noninterest income contributions from our diverse business model which were in line with expectations. We remain committed to prudent balance sheet management strategies. We were also excited to announce our partnership with Village Bank which will meaningfully enhance our Richmond presence, which is core to our franchise future growth. Lastly, the recently released FDIC Deposit Market Share Report for 2024 continues to demonstrate the strength of our Main Street banking model and core deposit franchise, resulting in the #1 market share, or 30%, in our legacy Virginia Beach-Norfolk-Newport News, VA-NC MSA,&#8221; said G. Robert Aston, Jr., Executive Chairman.</li>
<li>The company's stock gained around 32% over the past month and has a <a href="https://www.benzinga.com/quote/TOWN">52-week high of $36.67</a>.</li>
<li>RSI Value: 75.55&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</li>
<li>TOWN Price Action: Shares of TowneBank gained 1.2% to close at $35.31 on Thursday.</li>
</ul>
<h3 class="wp-block-heading">Wisdomtree Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WT#NYSE">WT</a>)</h3>
<ul>
<li>On Oct. 25, WisdomTree posted upbeat quarterly results. &#8220;Our strong third-quarter results demonstrate how we are capitalizing on key secular growth trends, such as the expansion of our models business and our leadership in tokenization. As demand for efficient portfolio solutions continues to grow, we are broadening our reach in the advisor space while positioning ourselves at the forefront of blockchain-enabled finance. Platforms like WisdomTree Prime&#xAE; and WisdomTree Connect&#x2122; are integral to our future growth strategy, offering innovative solutions that meet the evolving needs of both retail and institutional clients. We believe these initiatives will drive substantial long-term value for our stakeholders.&#8221;</li>
<li>The company's stock gained around 12% over the past month and <a href="https://www.benzinga.com/quote/FRPT">has a 52-week high</a> of $12.14.</li>
<li>RSI Value: 79.49</li>
<li>WT Price Action: Shares of Wisdomtree gained 2.3% to close at $12.00 on Thursday.</li>
</ul>
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TOWN

Top 2 Financials Stocks That May Fall Off A Cliff This Quarter

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Shares of banking-related companies are trading higher after Donald Trump won the US presidential election.

Towne Bank shares are trading lower after the company reported worse-than-expected Q3 revenue results.

Towne Bank (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TOWN#NASDAQ">TOWN</a>) reported quarterly earnings of $0.57 per share which beat the analyst consensus estimate of $0.56 by 1.79 percent. This is a 5 percent decrease over earnings of $0.60 per share from the same period last year. The company reported quarterly sales of $174.52 million which missed the analyst consensus estimate of $180.35 million by 3.23 percent. This is a 0.96 percent increase over sales of $172.86 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

Towne Bank Q3 Adj $0.57 Beats $0.56 Estimate, Sales $174.52M Miss $180.35M Estimate

LPL Financial Holdings (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lpla#NASDAQ">LPLA</a>), along with its subsidiaries LPL Financial LLC, has completed the acquisition of Altria Wealth Solutions, Inc. (&quot;Altria&quot;). Further, the company announced a change in its leadership with the termination of its existing president and chief executive officer&nbsp;and the appointment of a new CEO.
<h2>Details of Acquisition Pursued by LPLA</h2>
Atria Wealth Solutions, Inc., based in New York, boasts a network of almost 2,400 advisors and serves around 150 banks and credit unions, managing an impressive $100 billion in brokerage and advisory assets. Notably, brokerage accounts comprise nearly 80% of the firm&#39;s assets, with the rest in advisory holdings.
Per the acquisition announcement dated Feb. 13, 2024, LPLA expected onboarding and integration costs to be between $300 million and $350 million. Despite these expenses, the long-term financial projections are promising, with LPLA anticipating additional earnings of $140 million annually from the deal.
LPL Financial expects to meet or exceed its retention target of 80%. Altria will function as a wholly owned portfolio company through the onboarding of Altria advisors, which is anticipated to be completed in mid-2025.
The acquisition aligns with LPL Financial&#39;s goal to empower independent financial advisors and institutions nationwide by providing them with comprehensive support and resources. The acquisition of Atria Wealth Solutions builds upon LPL Financial&#39;s previous successful ventures, including the acquisition of National Planning Holdings and Waddell &amp; Reed in 2017 and 2021, respectively.
Further, LPLA considers acquisitions a core part of its business expansion strategy. In May, the company acquired Crown Capital, while in September, it agreed to acquire The Investment Center, Inc., reinforcing its strategy of expanding its advisor network and enhancing offerings.
<h2>LPL Financial Leadership Change</h2>
LPLA&#39;s board of directors terminated the company&#39;s president and chief executive officer, Dan H. Arnold for violation of the company&#39;s commitment to a respectful workplace. He has submitted his resignation from the board as well.
The dismissal is based on the cause recommended by a special committee of directors following an investigation by an external law firm, which concluded that Arnold had made statements to employees that breached LPLA&#39;s code of conduct.
The board has appointed Rich Steinmeier (presently the company&#39;s managing director and chief growth officer) as interim CEO, effective immediately.
James Putnam, chair of the board of directors at LPL Financial, stated, &quot;LPL&#39;s Code of Conduct requires every employee, no matter their title, to foster a supportive and professional workplace and show respect to each other, our stakeholders and the broader community, Mr. Arnold failed to meet these obligations.&quot;
<h2>LPL Financial&#39;s Zacks Rank &amp; Price Performance</h2>
Year to date, shares of LPL Financial have risen 1% compared with the industry&#39;s growth of 17.7%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/4d/79979.jpg?v=1650055316" />
Image Source: Zacks Investment Research
Currently, LPLA carries a Zacks Rank #3 (Hold).
<h2>Merger &amp; Acquisition Deal Pursued by Other Finance Firms</h2>
This week, Byline Bancorp, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/by#NYSE">BY</a>) entered into a cash and stock merger deal worth $41 million with First Security Bancorp, Inc. in an effort to strengthen its position in Chicago.
The merger is expected to solidify Byline&#39;s position as Chicago&#39;s largest community bank, with assets under $10 billion, loans of $7.3 billion and deposits worth $7.8 billion, along with 45 branches across the greater Chicago metropolitan area.
Last week, TowneBank (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/town#NASDAQ">TOWN</a>) agreed to acquire Village Bank and Trust Financial Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vbfc#NASDAQ">VBFC</a>). The all-cash transaction is valued at $120 million.
The deal is anticipated to be roughly 6% accretive to TOWN&#39;s 2025 earnings per share, assuming the execution of cost savings on a GAAP basis. Further, TOWN projects a roughly 1% improvement in common equity tier 1 capital and an 80-basis points improvement in efficiency ratio next year.
<a href="https://www.zacks.com/stock/news/2344611/lpl-financial-acquires-altria-wealth-solutions-appoints-new-ceo?cid=CS-BENZ-FT-analyst_blog|company_news_finance_sector-2344611">To read this article on Zacks.com click here.</a>

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LPLA

VBFC

LPL Financial Acquires Altria Wealth Solutions, Appoints New CEO

Keefe, Bruyette &amp; Woods analyst Catherine Mealor upgrades Towne Bank (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TOWN#NASDAQ">TOWN</a>) from Market Perform to Outperform and raises the price target from $35 to $40.

Upgrades

Price Target

Keefe, Bruyette & Woods Upgrades Towne Bank to Outperform, Raises Price Target to $40

Hampton Roads based TowneBank (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TOWN#NASDAQ">TOWN</a>) and Village Bank and Trust Financial Corp. (NASDAQCM: VBFC) ("Village"), the parent company of Village Bank, today announced the signing of a definitive agreement and plan of reorganization pursuant to which TowneBank will acquire Village and Village Bank. The proposed transaction will enhance TowneBank's continued and growing presence in the Richmond MSA while providing opportunity for diverse revenue synergies with Towne Financial Services Group and strategic capital deployment.

TowneBank And Village Bank And Trust Financial Corp. Announce The Signing Of A Definitive Agreement And Plan Of Reorganization Pursuant To Which TowneBank Will Acquire Village And Village Bank

Keefe, Bruyette &amp; Woods analyst Catherine Mealor maintains Towne Bank (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TOWN#NASDAQ">TOWN</a>) with a Market Perform and raises the price target from $30 to $35.

Keefe, Bruyette & Woods Maintains Market Perform on Towne Bank, Raises Price Target to $35

Towne Bank (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TOWN#NASDAQ">TOWN</a>) reported quarterly earnings of $0.57 per share which beat the analyst consensus estimate of $0.48 by 18.75 percent. This is a 9.62 percent increase over earnings of $0.52 per share from the same period last year. The company reported quarterly sales of $174.97 million which beat the analyst consensus estimate of $172.27 million by 1.57 percent. This is a 3.63 percent decrease over sales of $181.57 million the same period last year.

Towne Bank Q2 Adj $0.57 Beats $0.48 Estimate, Sales $174.97M Beat $172.27M Estimate

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Shares of several bank stocks are trading lower after January CPI data showed a greater-than-expected rise in inflation, which increased uncertainty surrounding future rate cuts.

Towne Bank (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TOWN#NASDAQ">TOWN</a>) reported quarterly Adj earnings of $0.42 per share which missed the analyst consensus estimate of $0.46 by 8.7 percent. This is a 35.38 percent decrease over earnings of $0.65 per share from the same period last year. The company reported quarterly sales of $155.55 million which missed the analyst consensus estimate of $164.67 million by 5.54 percent. This is a 11.27 percent decrease over sales of $175.31 million the same period last year.

Towne Bank Q4 Adj EPS $0.42 Misses $0.46 Estimate, Sales $155.55M Miss $164.67M Estimate

Raymond James analyst Steve Moss maintains Towne Bank (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TOWN#NASDAQ">TOWN</a>) with a Outperform and raises the price target from $28 to $32.

Raymond James Maintains Outperform on Towne Bank, Raises Price Target to $32

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Shares of broader financial stocks are trading higher amid overall market strength after October CPI data showed softer-than-expected inflation.

Towne Bank (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TOWN#NASDAQ">TOWN</a>) reported quarterly earnings of $0.60 per share which beat the analyst consensus estimate of $0.49 by 22.45 percent. This is a 13.04 percent decrease over earnings of $0.69 per share from the same period last year. The company reported quarterly sales of $172.86 million which beat the analyst consensus estimate of $172.42 million by 0.26 percent. This is a 3.56 percent decrease over sales of $179.24 million the same period last year.

Towne Bank Q3 EPS $0.60 Beats $0.49 Estimate, Sales $172.86M Beat $172.42M Estimate

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Towne Bank (NASDAQ:TOWN) Stock, Chaîne d'Options

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