52,602 Shares in Towne Bank $TOWN Bought by Brandywine Global Investment Management LLC

Key Points

• Brandywine Global Investment Management LLC acquired 52,602 shares of Towne Bank in the first quarter, valued at approximately $1,798,000, representing about 0.07% of the bank's total shares.
• Several institutional investors have increased their stakes in Towne Bank, with ownership among hedge funds and other institutions now at 55.99% of the company's stock.
• Towne Bank reported earnings of $0.81 per share for the latest quarter, surpassing analysts' expectations, with revenue increasing 18.6% year-over-year.

Brandywine Global Investment Management LLC 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 Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 52,602 shares of the bank's stock, valued at approximately $1,798,000. Brandywine Global Investment Management LLC owned about 0.07% of Towne Bank at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Summit Investment Advisors Inc. raised its holdings in shares of Towne Bank by 5.4% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,354 shares of the bank's stock worth $250,000 after purchasing an additional 376 shares during the last quarter. SummerHaven Investment Management LLC raised its holdings in shares of Towne Bank by 1.4% during the first quarter. SummerHaven Investment Management LLC now owns 28,200 shares of the bank's stock worth $964,000 after purchasing an additional 402 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Towne Bank by 0.3% during the fourth quarter. Invesco Ltd. now owns 167,173 shares of the bank's stock worth $5,694,000 after purchasing an additional 430 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Towne Bank by 6.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 10,342 shares of the bank's stock worth $352,000 after purchasing an additional 589 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings 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 purchasing an additional 700 shares during the last quarter. Hedge funds and other institutional investors own 55.99% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on TOWN shares. Hovde Group lifted their price objective on shares of Towne Bank from $39.00 to $41.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Wall Street Zen raised shares of Towne Bank from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd.

Towne Bank Stock Performance

TOWN opened at $36.90 on Tuesday. Towne Bank has a fifty-two week low of $29.43 and a fifty-two week high of $38.28. The company has a fifty day moving average of $35.10 and a two-hundred day moving average of $34.57. The stock has a market capitalization of $2.77 billion, a price-to-earnings ratio of 16.04 and a beta of 0.84.

Towne Bank (NASDAQ:TOWN - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.81 earnings per share for the quarter, beating analysts' consensus estimates of $0.69 by $0.12. Towne Bank had a net margin of 16.49% and a return on equity of 9.05%. The company had revenue of $207.44 million during the quarter, compared to analysts' expectations of $202.18 million. During the same quarter in the previous year, the company earned $0.57 earnings per share. The firm's revenue for the quarter was up 18.6% on a year-over-year basis. On average, equities research analysts forecast that Towne Bank will post 2.6 earnings per share for the current year.

Towne Bank 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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