Towne Bank $TOWN Shares Sold by Susquehanna International Group LLP

Susquehanna International Group LLP cut its stake in Towne Bank (NASDAQ:TOWN) by 26.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 240,366 shares of the bank’s stock after selling 87,307 shares during the period. Susquehanna International Group LLP’s holdings in Towne Bank were worth $8,711,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in TOWN. EverSource Wealth Advisors LLC increased its position in shares of Towne Bank by 931.5% in 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. Abound Financial LLC bought a new stake in shares of Towne Bank in the 4th quarter valued at approximately $27,000. Quantbot Technologies LP bought a new position in Towne Bank during the second quarter worth $30,000. Public Employees Retirement System of Ohio bought a new position in Towne Bank during the second quarter worth $33,000. Finally, Los Angeles Capital Management LLC acquired a new position in Towne Bank in the fourth quarter worth $42,000. 55.99% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

TOWN has been the subject of several research reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $38.00 price target (down from $42.00) on shares of Towne Bank in a report on Wednesday, May 6th. Weiss Ratings upgraded Towne Bank from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday. Finally, Zacks Research raised Towne Bank from a “strong sell” rating to a “hold” rating in a report on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Towne Bank currently has an average rating of “Moderate Buy” and an average price target of $39.50.

Towne Bank Price Performance

Shares of Towne Bank stock opened at $37.43 on Monday. The company has a market capitalization of $2.96 billion, a P/E ratio of 10.51 and a beta of 0.69. The business’s fifty day moving average price is $36.97 and its two-hundred day moving average price is $35.40. Towne Bank has a 1-year low of $31.91 and a 1-year high of $39.03. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.90 and a quick ratio of 0.88.

Towne Bank (NASDAQ:TOWN) last released its earnings results on Thursday, July 23rd. The bank reported $0.78 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.01). The company had revenue of $245.72 million for the quarter, compared to analyst estimates of $245.33 million. Towne Bank had a net margin of 25.64% and a return on equity of 9.60%. As a group, research analysts forecast that Towne Bank will post 3.09 EPS for the current year.

Towne Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Friday, September 25th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Friday, September 25th. Towne Bank’s payout ratio is presently 31.46%.

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.