EJF Capital LLC Purchases Shares of 53,821 Towne Bank $TOWN

EJF Capital LLC acquired a new position in shares of Towne Bank (NASDAQ:TOWN) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 53,821 shares of the bank’s stock, valued at approximately $1,861,000. EJF Capital LLC owned approximately 0.07% of Towne Bank at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its holdings 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. Richardson Financial Services Inc. grew its stake in Towne Bank by 150.3% during the third quarter. Richardson Financial Services Inc. now owns 816 shares of the bank’s stock worth $28,000 after buying an additional 490 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Towne Bank during the second quarter worth approximately $30,000. Atlantic Union Bankshares Corp bought a new position in shares of Towne Bank in the third quarter valued at approximately $35,000. Finally, Global Retirement Partners LLC boosted its holdings in shares of Towne Bank by 44.1% in the 3rd quarter. Global Retirement Partners LLC now owns 1,104 shares of the bank’s stock worth $38,000 after acquiring an additional 338 shares in the last quarter. Institutional investors and hedge funds own 55.99% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Zacks Research cut Towne Bank from a “hold” rating to a “strong sell” rating in a report on Monday, February 2nd. Weiss Ratings restated a “buy (b-)” rating on shares of Towne Bank in a report on Wednesday, January 21st. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $41.00.

Towne Bank Trading Down 3.3%

TOWN stock opened at $34.26 on Friday. 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 twelve month low of $29.43 and a twelve month high of $37.86. The company has a market cap of $2.57 billion, a P/E ratio of 15.57 and a beta of 0.77. The business has a fifty day moving average of $35.23 and a 200-day moving average of $34.80.

Towne Bank (NASDAQ:TOWN) last announced 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 quarter in the previous year, the business earned $0.55 earnings per share. Towne Bank’s revenue for the quarter was up 25.3% compared to the same quarter last year. As a group, equities research analysts expect that Towne Bank will post 2.6 EPS for the current year.

Towne Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.2%. The ex-dividend date is Tuesday, March 31st. Towne Bank’s dividend payout ratio is currently 49.09%.

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.