Towne Bank $TOWN Shares Bought by Royce & Associates LP

Royce & Associates LP boosted its position in Towne Bank (NASDAQ:TOWN) by 7.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 603,649 shares of the bank’s stock after buying an additional 40,650 shares during the quarter. Royce & Associates LP’s holdings in Towne Bank were worth $20,868,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brown Advisory Inc. increased its stake in shares of Towne Bank by 2,646.3% in the second quarter. Brown Advisory Inc. now owns 1,218,786 shares of the bank’s stock valued at $41,658,000 after purchasing an additional 1,174,406 shares during the period. FJ Capital Management LLC acquired a new position in shares of Towne Bank during the second quarter worth approximately $10,296,000. Vanguard Group Inc. grew its holdings in Towne Bank by 3.2% in the 3rd quarter. Vanguard Group Inc. now owns 7,639,169 shares of the bank’s stock worth $264,086,000 after buying an additional 234,403 shares in the last quarter. OLD Point Trust & Financial Services N A increased its position in Towne Bank by 1,020.2% in the 3rd quarter. OLD Point Trust & Financial Services N A now owns 205,116 shares of the bank’s stock valued at $7,091,000 after acquiring an additional 186,805 shares during the period. Finally, Jane Street Group LLC increased its position in Towne Bank by 1,220.9% in the 1st quarter. Jane Street Group LLC now owns 157,411 shares of the bank’s stock valued at $5,382,000 after acquiring an additional 145,494 shares during the period. 55.99% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on TOWN. Weiss Ratings reissued a “buy (b-)” rating on shares of Towne Bank in a research note on Wednesday, January 21st. Zacks Research cut shares of Towne Bank from a “hold” rating to a “strong sell” rating in a report on Monday, February 2nd. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Towne Bank has an average rating of “Hold” and an average target price of $41.00.

Towne Bank Trading Down 3.3%

Shares of NASDAQ TOWN opened at $34.26 on Monday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.02. Towne Bank has a 12 month low of $29.43 and a 12 month high of $37.86. The company has a market cap of $2.57 billion, a price-to-earnings ratio of 15.57 and a beta of 0.75. The business has a fifty day simple moving average of $35.23 and a 200-day simple moving average of $34.78.

Towne Bank (NASDAQ:TOWN) last posted its quarterly earnings data on Friday, January 30th. The bank reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). Towne Bank had a return on equity of 10.11% and a net margin of 15.12%.The firm had revenue of $221.09 million during the quarter, compared to analyst estimates of $225.43 million. During the same period in the prior year, the business posted $0.55 EPS. The company’s revenue for the quarter was up 25.3% on a year-over-year basis. Sell-side analysts predict that Towne Bank will post 2.6 EPS for the current year.

Towne Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Tuesday, March 31st. Towne Bank’s dividend payout ratio is 49.09%.

Towne Bank Company Profile

TowneBank is a Virginia‐based financial services company organized as a bank holding company. Its primary subsidiary, TowneBank, operates a network of community banking offices and mortgage production facilities. The company offers a comprehensive range of commercial and consumer banking solutions, including deposit accounts, lending products, treasury management, and private banking services tailored to individuals, small businesses, and middle‐market corporations.

In addition to traditional banking, TowneBank provides specialty services through affiliated subsidiaries.