93,664 Shares in Towne Bank (NASDAQ:TOWN) Acquired by Edgestream Partners L.P.

Edgestream Partners L.P. purchased a new stake in Towne Bank (NASDAQ:TOWN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 93,664 shares of the bank's stock, valued at approximately $3,202,000. Edgestream Partners L.P. owned approximately 0.12% of Towne Bank as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Wellington Management Group LLP acquired a new stake in Towne Bank during the fourth quarter valued at approximately $22,894,000. Raymond James Financial Inc. acquired a new stake in Towne Bank in the 4th quarter valued at $14,122,000. FJ Capital Management LLC bought a new stake in Towne Bank in the fourth quarter valued at $9,908,000. Millennium Management LLC grew its position in Towne Bank by 1,265.5% in the fourth quarter. Millennium Management LLC now owns 243,773 shares of the bank's stock valued at $8,303,000 after acquiring an additional 225,921 shares during the period. Finally, T. Rowe Price Investment Management Inc. raised its stake in Towne Bank by 5.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,344,673 shares of the bank's stock worth $147,980,000 after acquiring an additional 210,521 shares in the last quarter. Institutional investors own 55.99% of the company's stock.

Towne Bank Stock Down 0.9%

TOWN traded down $0.31 during trading hours on Friday, hitting $35.93. 260,458 shares of the company's stock were exchanged, compared to its average volume of 254,334. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 15.22 and a beta of 0.80. Towne Bank has a 1-year low of $29.43 and a 1-year high of $38.28. The stock's 50-day moving average is $34.58 and its two-hundred day moving average is $34.34.

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

Towne Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors 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 yield of 3.01%. This is a positive change 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 currently 45.76%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on TOWN shares. Hovde Group lifted their price objective on Towne Bank from $38.00 to $39.00 and gave the company an "outperform" rating in a research report on Monday, April 28th. Wall Street Zen upgraded shares of Towne Bank from a "sell" rating to a "hold" rating in a research report 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.