Novare Capital Management LLC Makes New Investment in Towne Bank $TOWN

Novare Capital Management LLC bought a new position in shares of Towne Bank (NASDAQ:TOWN) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 36,500 shares of the bank’s stock, valued at approximately $1,229,000.

Other institutional investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its position in Towne Bank by 931.5% during the second quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank’s stock worth $26,000 after acquiring an additional 680 shares during the period. Abound Financial LLC bought a new stake in Towne Bank in the 4th quarter valued at about $27,000. Quantbot Technologies LP acquired a new position in shares of Towne Bank during the 2nd quarter worth approximately $30,000. Los Angeles Capital Management LLC bought a new position in shares of Towne Bank during the fourth quarter worth approximately $42,000. Finally, CrossGen Wealth LLC bought a new position in shares of Towne Bank during the fourth quarter worth approximately $53,000. Institutional investors own 55.99% of the company’s stock.

Towne Bank Price Performance

Towne Bank stock opened at $35.00 on Tuesday. The stock has a 50-day moving average price of $34.80 and a two-hundred day moving average price of $34.72. 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 $2.76 billion, a PE ratio of 17.68 and a beta of 0.70. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.07.

Towne Bank (NASDAQ:TOWN) last released its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.74 earnings per share for the quarter, hitting the consensus estimate of $0.74. Towne Bank had a return on equity of 9.91% and a net margin of 13.51%.The company had revenue of $247.62 million for the quarter, compared to analysts’ expectations of $274.02 million. During the same period in the previous year, the business posted $0.68 earnings per share. The business’s quarterly revenue was up 34.6% compared to the same quarter last year. Analysts expect that Towne Bank will post 3.15 EPS for the current year.

Towne Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Friday, June 26th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Friday, June 26th. This is a positive change from Towne Bank’s previous quarterly dividend of $0.27. Towne Bank’s payout ratio is presently 54.55%.

Analyst Upgrades and Downgrades

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

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.