UBS Group AG Purchases 58,357 Shares of Towne Bank $TOWN

UBS Group AG boosted its position in Towne Bank (NASDAQ:TOWN) by 36.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 216,702 shares of the bank’s stock after buying an additional 58,357 shares during the period. UBS Group AG’s holdings in Towne Bank were worth $7,231,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Towne Bank by 5.8% in the 4th quarter. Vanguard Group Inc. now owns 8,082,514 shares of the bank’s stock valued at $269,713,000 after acquiring an additional 443,345 shares in the last quarter. Jane Street Group LLC grew its holdings in shares of Towne Bank by 1,220.9% during the 1st quarter. Jane Street Group LLC now owns 157,411 shares of the bank’s stock worth $5,382,000 after purchasing an additional 145,494 shares in the last quarter. Millennium Management LLC increased its position in shares of Towne Bank by 56.6% in the first quarter. Millennium Management LLC now owns 381,761 shares of the bank’s stock worth $13,052,000 after purchasing an additional 137,988 shares during the period. Marshall Wace LLP increased its position in shares of Towne Bank by 188.2% in the third quarter. Marshall Wace LLP now owns 195,283 shares of the bank’s stock worth $6,751,000 after purchasing an additional 127,524 shares during the period. Finally, Clark Capital Management Group Inc. raised its stake in Towne Bank by 51.5% in the third quarter. Clark Capital Management Group Inc. now owns 341,471 shares of the bank’s stock valued at $11,805,000 after purchasing an additional 116,013 shares in the last quarter. 55.99% of the stock is currently owned by institutional investors.

Towne Bank Price Performance

Towne Bank stock opened at $34.23 on Tuesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.86 and a current ratio of 0.87. Towne Bank has a 52 week low of $31.91 and a 52 week high of $37.86. The stock has a market capitalization of $2.70 billion, a P/E ratio of 17.29 and a beta of 0.72. The stock has a fifty day moving average of $34.33 and a 200-day moving average of $34.46.

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

Towne Bank Announces Dividend

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

Analysts Set New Price Targets

A number of brokerages have issued reports on TOWN. Zacks Research downgraded shares of Towne Bank from a “hold” rating to a “strong sell” rating in a research note on Monday, May 4th. Weiss Ratings cut shares of Towne Bank from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 13th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $38.00 price target (down from $42.00) on shares of Towne Bank in a report on Wednesday, May 6th. Finally, Hovde Group reduced their price target on shares of Towne Bank from $42.00 to $41.00 and set an “outperform” rating on the stock in a research report on Monday, April 27th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $39.50.

About Towne Bank

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.