Towne Bank $TOWN Shares Purchased by F m Investments LLC

F m Investments LLC increased its stake in shares of Towne Bank (NASDAQ:TOWN) by 36.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 86,804 shares of the bank’s stock after purchasing an additional 23,252 shares during the period. F m Investments LLC’s holdings in Towne Bank were worth $2,897,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of TOWN. EverSource Wealth Advisors LLC raised its position in shares of Towne Bank by 931.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank’s stock worth $26,000 after purchasing an additional 680 shares during the last quarter. Richardson Financial Services Inc. raised its position in shares of Towne Bank by 150.3% during the 3rd quarter. Richardson Financial Services Inc. now owns 816 shares of the bank’s stock worth $28,000 after purchasing an additional 490 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of Towne Bank during the 2nd quarter worth approximately $30,000. Atlantic Union Bankshares Corp acquired a new position in shares of Towne Bank during the 3rd quarter worth approximately $35,000. Finally, Global Retirement Partners LLC raised its position in shares of Towne Bank by 44.1% during the 3rd quarter. Global Retirement Partners LLC now owns 1,104 shares of the bank’s stock worth $38,000 after purchasing an additional 338 shares during the last quarter. 55.99% of the stock is currently owned by institutional investors and hedge funds.

Towne Bank Trading Up 0.5%

Shares of TOWN opened at $34.99 on Friday. The stock has a fifty day moving average of $34.36 and a two-hundred day moving average of $34.42. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.86 and a current ratio of 0.87. The company has a market capitalization of $2.76 billion, a PE ratio of 17.67 and a beta of 0.72. Towne Bank has a fifty-two week low of $31.91 and a fifty-two week high of $37.86.

Towne Bank (NASDAQ:TOWN) last issued its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.74 earnings per share for the quarter, meeting the consensus estimate of $0.74. The company had revenue of $247.62 million during the quarter, compared to the consensus estimate of $274.02 million. Towne Bank had a return on equity of 10.48% and a net margin of 13.51%.Towne Bank’s revenue was up 34.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.68 EPS. As a group, analysts forecast that Towne Bank will post 3.15 EPS for the current year.

Towne Bank Announces Dividend

The firm also recently declared a dividend, which will be paid on Wednesday, May 20th. Shareholders of record on Monday, May 4th will be issued a $0.70 dividend. The ex-dividend date is Monday, May 4th. Towne Bank’s payout ratio is 54.55%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on TOWN shares. Zacks Research downgraded Towne Bank from a “hold” rating to a “strong sell” rating in a research report on Monday, May 4th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $38.00 price objective (down from $42.00) on shares of Towne Bank in a research report on Wednesday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Towne Bank in a report on Wednesday, January 21st. Finally, Hovde Group cut their price target on Towne Bank from $42.00 to $41.00 and set an “outperform” rating for the company in a report on Monday, April 27th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Towne Bank currently has a consensus rating of “Hold” and an average price target of $39.50.

Towne Bank 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.