17,250 Shares in Towne Bank (NASDAQ:TOWN) Bought by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC purchased a new position in Towne Bank (NASDAQ:TOWN - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 17,250 shares of the bank's stock, valued at approximately $590,000.

Other hedge funds have also bought and sold shares of the company. Bank of New York Mellon Corp raised its position in shares of Towne Bank by 19.6% during the 4th quarter. Bank of New York Mellon Corp now owns 537,845 shares of the bank's stock valued at $18,319,000 after buying an additional 88,277 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Towne Bank by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 845,335 shares of the bank's stock valued at $28,792,000 after purchasing an additional 6,285 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Towne Bank during the fourth quarter valued at approximately $14,122,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Towne Bank by 2.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 17,067 shares of the bank's stock valued at $581,000 after purchasing an additional 365 shares in the last quarter. Finally, Swiss National Bank boosted its stake in shares of Towne Bank by 0.7% during the fourth quarter. Swiss National Bank now owns 147,115 shares of the bank's stock valued at $5,011,000 after purchasing an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 55.99% of the company's stock.

Towne Bank Stock Down 0.4%

Shares of TOWN opened at $35.74 on Thursday. The company has a 50 day moving average of $34.29 and a two-hundred day moving average of $34.28. The company has a market cap of $2.68 billion, a price-to-earnings ratio of 15.14 and a beta of 0.80. Towne Bank has a twelve month low of $27.09 and a twelve month high of $38.28.

Towne Bank (NASDAQ:TOWN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.68 EPS for the quarter, topping the consensus estimate of $0.61 by $0.07. Towne Bank had a net margin of 17.15% and a return on equity of 8.27%. The business had revenue of $190.04 million during the quarter, compared to the consensus estimate of $191.29 million. During the same period in the previous year, the firm posted $0.48 earnings per share. The business's revenue for the quarter was up 14.9% compared to the same quarter last year. On average, sell-side analysts expect that Towne Bank will post 2.6 EPS for the current year.

Towne Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a dividend of $0.27 per share. This is an increase from Towne Bank's previous quarterly dividend of $0.25. This represents a $1.08 annualized dividend and a dividend yield of 3.02%. The ex-dividend date of this dividend is Friday, June 27th. Towne Bank's payout ratio is presently 45.76%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on TOWN. Hovde Group increased their price objective on shares of Towne Bank from $38.00 to $39.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Wall Street Zen upgraded shares of Towne Bank from a "sell" rating to a "hold" rating in a research note on Friday, May 30th.

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.

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