22,746 Shares in Towne Bank $TOWN Acquired by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans bought a new stake in shares of Towne Bank (NASDAQ:TOWN) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 22,746 shares of the bank’s stock, valued at approximately $786,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. State Street Corp lifted its holdings in shares of Towne Bank by 2.6% during the second quarter. State Street Corp now owns 2,003,504 shares of the bank’s stock valued at $69,010,000 after purchasing an additional 51,028 shares in the last quarter. Brown Advisory Inc. raised its position in Towne Bank by 2,646.3% in the 2nd quarter. Brown Advisory Inc. now owns 1,218,786 shares of the bank’s stock worth $41,658,000 after buying an additional 1,174,406 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Towne Bank by 8.1% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 578,037 shares of the bank’s stock valued at $19,757,000 after acquiring an additional 43,376 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of Towne Bank by 2.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 533,149 shares of the bank’s stock valued at $18,223,000 after acquiring an additional 11,170 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Towne Bank by 1.6% in the second quarter. Bank of New York Mellon Corp now owns 527,204 shares of the bank’s stock worth $18,020,000 after acquiring an additional 8,504 shares during the period. Institutional investors own 55.99% of the company’s stock.

Towne Bank Trading Up 0.7%

Shares of Towne Bank stock opened at $36.21 on Tuesday. The stock has a market capitalization of $2.72 billion, a PE ratio of 16.46 and a beta of 0.77. The company’s fifty day simple moving average is $35.23 and its 200-day simple moving average is $34.80. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.87 and a quick ratio of 0.86. Towne Bank has a 1-year low of $29.43 and a 1-year high of $38.01.

Towne Bank (NASDAQ:TOWN) last announced its quarterly earnings results on Friday, January 30th. The bank reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). The firm had revenue of $221.09 million for the quarter, compared to the consensus estimate of $225.43 million. Towne Bank had a net margin of 15.12% and a return on equity of 10.11%. Towne Bank’s quarterly revenue was up 25.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.55 earnings per share. As a group, equities analysts anticipate that Towne Bank will post 2.6 earnings per share for the current year.

Towne Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Shareholders of record on Friday, December 26th were given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Friday, December 26th. Towne Bank’s payout ratio is 49.09%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on TOWN shares. Weiss Ratings restated a “buy (b-)” rating on shares of Towne Bank in a research report on Wednesday, January 21st. Zacks Research downgraded Towne Bank from a “hold” rating to a “strong sell” rating in a research note on Monday, February 2nd. Finally, Wall Street Zen raised Towne Bank from a “sell” rating to a “hold” rating in a report on Sunday, October 26th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $41.00.

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.