20,400 Shares in Towne Bank (NASDAQ:TOWN) Purchased by Bailard Inc.

Bailard Inc. bought a new position in shares of Towne Bank (NASDAQ:TOWN - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 20,400 shares of the bank's stock, valued at approximately $697,000.

Several other institutional investors have also recently made changes to their positions in TOWN. Victory Capital Management Inc. grew its holdings in Towne Bank by 19.9% during the 1st quarter. Victory Capital Management Inc. now owns 2,584,688 shares of the bank's stock valued at $88,370,000 after buying an additional 429,487 shares in the last quarter. Edgestream Partners L.P. purchased a new position in Towne Bank during the 1st quarter valued at approximately $3,202,000. Nisa Investment Advisors LLC grew its holdings in Towne Bank by 32.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the bank's stock valued at $98,000 after buying an additional 700 shares in the last quarter. Abound Financial LLC purchased a new position in Towne Bank during the 1st quarter valued at approximately $27,000. Finally, Envestnet Asset Management Inc. grew its holdings in Towne Bank by 12.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 38,930 shares of the bank's stock valued at $1,331,000 after buying an additional 4,206 shares in the last quarter. Hedge funds and other institutional investors own 55.99% of the company's stock.

Towne Bank Trading Down 0.9%

Shares of NASDAQ TOWN opened at $35.93 on Friday. The stock has a market cap of $2.69 billion, a P/E ratio of 15.22 and a beta of 0.80. Towne Bank has a 12-month low of $29.43 and a 12-month high of $38.28. The business's fifty day simple moving average is $34.58 and its 200-day simple moving average is $34.34.

Towne Bank (NASDAQ:TOWN - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. The firm had revenue of $190.04 million for the quarter, compared to analyst estimates of $191.29 million. Towne Bank had a return on equity of 8.27% and a net margin of 17.15%. The business's revenue was up 14.9% on a year-over-year basis. During the same quarter last year, the company posted $0.48 earnings per share. On average, equities analysts forecast that Towne Bank will post 2.6 EPS for the current fiscal year.

Towne Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.01%. This is an increase from Towne Bank's previous quarterly dividend of $0.25. The ex-dividend date was Friday, June 27th. Towne Bank's dividend payout ratio (DPR) is presently 45.76%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on TOWN. Wall Street Zen raised Towne Bank from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Hovde Group lifted their target price on Towne Bank from $38.00 to $39.00 and gave the company an "outperform" rating in a research report on Monday, April 28th.

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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