Kanawha Capital Management LLC Makes New $1.07 Million Investment in Towne Bank $TOWN

Kanawha Capital Management LLC purchased a new stake in Towne Bank (NASDAQ:TOWN) during the 3rd quarter, Holdings Channel reports. The firm purchased 30,901 shares of the bank’s stock, valued at approximately $1,068,000.

Other hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC raised its position in shares of Towne Bank by 931.5% during 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. increased its position 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 in the last quarter. Quantbot Technologies LP purchased a new position in Towne Bank during the second quarter worth $30,000. Global Retirement Partners LLC raised its holdings in shares of Towne Bank by 44.1% in the third quarter. Global Retirement Partners LLC now owns 1,104 shares of the bank’s stock worth $38,000 after acquiring an additional 338 shares during the last quarter. Finally, Private Trust Co. NA purchased a new stake in shares of Towne Bank in the second quarter valued at $40,000. 55.99% of the stock is owned by hedge funds and other institutional investors.

Towne Bank Price Performance

Shares of NASDAQ:TOWN opened at $35.86 on Friday. The company has a market cap of $2.69 billion, a P/E ratio of 16.01 and a beta of 0.78. The business has a fifty day simple moving average of $34.29 and a 200-day simple moving average of $34.73. Towne Bank has a 52 week low of $29.43 and a 52 week high of $38.01. 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 (NASDAQ:TOWN) last issued its quarterly earnings results on Wednesday, October 22nd. The bank reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.08. The firm had revenue of $215.67 million for the quarter, compared to analyst estimates of $222.28 million. Towne Bank had a return on equity of 9.64% and a net margin of 15.69%.During the same period last year, the company earned $0.58 EPS. Equities research analysts forecast that Towne Bank will post 2.6 EPS for the current year.

Towne Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Stockholders of record on Friday, December 26th were issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Friday, December 26th. Towne Bank’s dividend payout ratio is presently 48.21%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on TOWN shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Towne Bank in a research note on Wednesday. Wall Street Zen upgraded shares of Towne Bank from a “sell” rating to a “hold” rating in a report on Sunday, October 26th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $41.00.

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.