Private Trust Co. NA Makes New $40,000 Investment in Towne Bank $TOWN

Private Trust Co. NA purchased a new position in Towne Bank (NASDAQ:TOWN) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,169 shares of the bank’s stock, valued at approximately $40,000.

Other hedge funds have also modified their holdings of the company. Abound Financial LLC bought a new position in shares of Towne Bank in the first quarter worth approximately $27,000. Summit Securities Group LLC bought a new position in shares of Towne Bank during the first quarter worth $28,000. CWM LLC boosted its position in shares of Towne Bank by 37.2% during the second quarter. CWM LLC now owns 2,205 shares of the bank’s stock worth $75,000 after acquiring an additional 598 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Towne Bank by 32.6% during the first quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the bank’s stock worth $98,000 after acquiring an additional 700 shares during the last quarter. Finally, Bessemer Group Inc. boosted its position in shares of Towne Bank by 137.0% during the first quarter. Bessemer Group Inc. now owns 5,121 shares of the bank’s stock worth $175,000 after acquiring an additional 2,960 shares during the last quarter. 55.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TOWN has been the subject of a number of research reports. Wall Street Zen lowered shares of Towne Bank from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. Weiss Ratings restated a “buy (b-)” rating on shares of Towne Bank in a research report on Friday. Finally, Hovde Group upped their target price on shares of Towne Bank from $39.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, July 24th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Towne Bank Price Performance

TOWN stock opened at $33.70 on Friday. Towne Bank has a 52 week low of $29.43 and a 52 week high of $38.28. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.01. The company has a fifty day simple moving average of $35.16 and a two-hundred day simple moving average of $34.55. The firm has a market capitalization of $2.53 billion, a P/E ratio of 15.04 and a beta of 0.84.

Towne Bank (NASDAQ:TOWN) last released its quarterly earnings data on Wednesday, October 22nd. The bank reported $0.83 EPS for the quarter, beating the consensus estimate of $0.75 by $0.08. Towne Bank had a net margin of 15.69% and a return on equity of 9.86%. The business had revenue of $215.67 million during the quarter, compared to analyst estimates of $222.28 million. During the same quarter last year, the business earned $0.58 earnings per share. Analysts anticipate that Towne Bank will post 2.6 earnings per share for the current fiscal year.

Towne Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Monday, September 29th were given a dividend of $0.27 per share. The ex-dividend date was Monday, September 29th. This represents a $1.08 annualized dividend and a yield of 3.2%. Towne Bank’s dividend payout ratio (DPR) is 46.96%.

Towne Bank Company 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.