SG Americas Securities LLC Buys 22,547 Shares of Towne Bank $TOWN

SG Americas Securities LLC raised its stake in Towne Bank (NASDAQ:TOWN) by 119.4% during the 4th quarter, Holdings Channel reports. The fund owned 41,437 shares of the bank’s stock after acquiring an additional 22,547 shares during the period. SG Americas Securities LLC’s holdings in Towne Bank were worth $1,383,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. OLD Point Trust & Financial Services N A increased its stake in Towne Bank by 1,020.2% in the third 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 last quarter. Kanawha Capital Management LLC bought a new position in Towne Bank in the third quarter valued at approximately $1,068,000. Osaic Holdings Inc. increased its stake in Towne Bank by 617.1% in the second quarter. Osaic Holdings Inc. now owns 70,831 shares of the bank’s stock valued at $2,421,000 after acquiring an additional 60,953 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Towne Bank by 22.0% in the third quarter. JPMorgan Chase & Co. now owns 330,937 shares of the bank’s stock valued at $11,441,000 after acquiring an additional 59,770 shares during the last quarter. Finally, Arbor Investment Advisors LLC bought a new position in Towne Bank in the third quarter valued at approximately $604,000. 55.99% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

TOWN has been the topic of a number of recent analyst reports. 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 research note on Monday, February 2nd. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $41.00.

Towne Bank Stock Performance

Shares of Towne Bank stock opened at $34.48 on Tuesday. 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 stock has a market cap of $2.72 billion, a price-to-earnings ratio of 15.67 and a beta of 0.72. The company’s fifty day moving average is $34.63 and its 200 day moving average is $34.26.

Towne Bank (NASDAQ:TOWN) last issued its quarterly earnings data on Friday, January 30th. The bank reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.01). Towne Bank had a return on equity of 9.95% and a net margin of 15.12%.The business had revenue of $221.09 million during the quarter, compared to the consensus estimate of $225.43 million. During the same period in the prior year, the firm earned $0.55 EPS. The business’s revenue for the quarter was up 25.3% compared to the same quarter last year. Sell-side analysts forecast that Towne Bank will post 2.6 EPS for the current year.

Towne Bank Announces Dividend

The company also recently announced 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. The ex-dividend date is Tuesday, March 31st. This represents a $1.08 annualized dividend and a yield of 3.1%. Towne Bank’s payout ratio is presently 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.