Royce & Associates LP Has $24.81 Million Stock Position in Towne Bank $TOWN

Royce & Associates LP boosted its stake in shares of Towne Bank (NASDAQ:TOWN) by 23.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 743,455 shares of the bank’s stock after buying an additional 139,806 shares during the period. Royce & Associates LP’s holdings in Towne Bank were worth $24,809,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of TOWN. EverSource Wealth Advisors LLC raised its holdings in 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 buying an additional 680 shares during the period. Quantbot Technologies LP acquired a new stake in Towne Bank during the 2nd quarter worth approximately $30,000. Atlantic Union Bankshares Corp acquired a new stake in Towne Bank during the 3rd quarter worth approximately $35,000. Comerica Bank raised its holdings in Towne Bank by 199.8% during the 3rd quarter. Comerica Bank now owns 1,676 shares of the bank’s stock worth $58,000 after buying an additional 1,117 shares during the period. Finally, Assetmark Inc. acquired a new stake in Towne Bank during the 3rd quarter worth approximately $69,000. 55.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Towne Bank Price Performance

NASDAQ TOWN opened at $34.58 on Wednesday. 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 12-month low of $31.91 and a 12-month high of $37.86. The company has a market capitalization of $2.73 billion, a PE ratio of 17.46 and a beta of 0.72. The firm’s 50 day moving average is $34.49 and its 200-day moving average is $34.54.

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

Towne Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Friday, June 26th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, June 26th. This is a positive change from Towne Bank’s previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a yield of 3.2%. Towne Bank’s dividend payout ratio is presently 56.57%.

Towne Bank Company 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.