JPMorgan Chase & Co. Sells 75,873 Shares of Towne Bank $TOWN

JPMorgan Chase & Co. reduced its position in shares of Towne Bank (NASDAQ:TOWN) by 21.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 271,167 shares of the bank’s stock after selling 75,873 shares during the period. JPMorgan Chase & Co. owned approximately 0.36% of Towne Bank worth $9,268,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Dynamic Technology Lab Private Ltd bought a new position in shares of Towne Bank in the 2nd quarter valued at $1,288,000. Persistent Asset Partners Ltd acquired a new stake in Towne Bank in the second quarter valued at about $321,000. Creative Planning grew its position in Towne Bank by 29.3% in the second quarter. Creative Planning now owns 26,234 shares of the bank’s stock valued at $897,000 after acquiring an additional 5,937 shares during the last quarter. Police & Firemen s Retirement System of New Jersey raised its stake in Towne Bank by 5.7% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 15,868 shares of the bank’s stock worth $542,000 after acquiring an additional 855 shares in the last quarter. Finally, Allworth Financial LP lifted its holdings in shares of Towne Bank by 3,572.4% in the second quarter. Allworth Financial LP now owns 19,537 shares of the bank’s stock worth $668,000 after acquiring an additional 19,005 shares during the last quarter. Institutional investors and hedge funds own 55.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TOWN. Wall Street Zen raised shares of Towne Bank from a “sell” rating to a “hold” rating in a report on Sunday, October 26th. Weiss Ratings restated a “buy (b-)” rating on shares of Towne Bank in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $41.00.

Towne Bank Stock Up 0.2%

Shares of NASDAQ TOWN opened at $34.39 on Wednesday. The company has a 50 day simple moving average of $33.35 and a 200 day simple moving average of $34.62. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.87 and a quick ratio of 0.86. Towne Bank has a 1 year low of $29.43 and a 1 year high of $38.01. The firm has a market cap of $2.58 billion, a PE ratio of 15.35 and a beta of 0.79.

Towne Bank (NASDAQ:TOWN) last announced its quarterly earnings results on Wednesday, October 22nd. The bank reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.08. The firm had revenue of $215.67 million during the quarter, compared to analysts’ expectations of $222.28 million. Towne Bank had a net margin of 15.69% and a return on equity of 9.64%. During the same period in the prior year, the company posted $0.58 EPS. On average, research analysts forecast that Towne Bank will post 2.6 EPS for the current year.

Towne Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 7th. Investors of record on Friday, December 26th will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Friday, December 26th. Towne Bank’s dividend payout ratio (DPR) is currently 48.21%.

Towne Bank Profile

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.