Three Magnolias Financial Advisors LLC bought a new stake in Towne Bank (NASDAQ:TOWN – Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 28,190 shares of the bank’s stock, valued at approximately $1,005,000.
Several other hedge funds and other institutional investors have also modified their holdings of TOWN. Dimensional Fund Advisors LP raised its position in Towne Bank by 1.4% during the first quarter. Dimensional Fund Advisors LP now owns 4,399,012 shares of the bank’s stock valued at $148,114,000 after buying an additional 59,267 shares during the period. Patriot Financial Partners GP II L.P. acquired a new stake in Towne Bank during the 1st quarter worth about $51,116,000. Janus Henderson Group PLC boosted its position in Towne Bank by 86.0% during the 1st quarter. Janus Henderson Group PLC now owns 1,314,373 shares of the bank’s stock worth $44,255,000 after acquiring an additional 607,768 shares during the period. Bank of New York Mellon Corp purchased a new position in Towne Bank during the 2nd quarter valued at about $19,429,000. Finally, Bank of America Corp DE increased its holdings in shares of Towne Bank by 32.5% in the 1st quarter. Bank of America Corp DE now owns 511,823 shares of the bank’s stock valued at $17,233,000 after purchasing an additional 125,670 shares during the period. Institutional investors and hedge funds own 55.99% of the company’s stock.
Analyst Upgrades and Downgrades
TOWN has been the subject of a number of research analyst reports. Weiss Ratings lowered shares of Towne Bank from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Friday, October 2nd. Zacks Research raised shares of Towne Bank from a “strong sell” rating to a “hold” rating in a research report on Monday, June 29th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Towne Bank has an average rating of “Moderate Buy” and an average price target of $39.50.
Towne Bank Stock Down 0.3%
Shares of NASDAQ TOWN traded down $0.10 during mid-day trading on Wednesday, reaching $34.82. The company had a trading volume of 168,777 shares, compared to its average volume of 555,284. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.88 and a current ratio of 0.90. Towne Bank has a twelve month low of $31.91 and a twelve month high of $39.03. The stock’s 50 day moving average is $36.85 and its 200-day moving average is $35.87. The stock has a market capitalization of $2.75 billion, a PE ratio of 9.78 and a beta of 0.71.
Towne Bank (NASDAQ:TOWN – Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The bank reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01). Towne Bank had a net margin of 25.64% and a return on equity of 9.60%. The firm had revenue of $245.72 million for the quarter, compared to analyst estimates of $245.33 million. As a group, equities analysts anticipate that Towne Bank will post 3.13 earnings per share for the current fiscal year.
Towne Bank Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Friday, September 25th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 25th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.2%. Towne Bank’s dividend payout ratio (DPR) is 31.46%.
Towne Bank Profile
TowneBank is a community-focused financial services company headquartered in Portsmouth, Virginia. Through its banking subsidiary, TowneBank provides deposit accounts, consumer and commercial lending, mortgage services, treasury management, online and mobile banking, and other financial products to individuals, families, businesses, and nonprofit organizations.
The company also operates complementary businesses serving the needs of its banking customers, including wealth management, insurance, and real estate services.
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