Verity Asset Management Inc. Makes New $326,000 Investment in Towne Bank (NASDAQ:TOWN)

Verity Asset Management Inc. purchased a new stake in shares of 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 (SEC). The firm purchased 9,539 shares of the bank's stock, valued at approximately $326,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Picton Mahoney Asset Management bought a new position in Towne Bank during the fourth quarter worth about $28,000. Sterling Capital Management LLC grew its position in Towne Bank by 807.8% in the fourth quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank's stock valued at $75,000 after acquiring an additional 1,971 shares during the period. Federated Hermes Inc. bought a new position in shares of Towne Bank during the fourth quarter valued at $82,000. GAMMA Investing LLC boosted its stake in shares of Towne Bank by 2,332.2% in the 1st quarter. GAMMA Investing LLC now owns 3,624 shares of the bank's stock valued at $124,000 after purchasing an additional 3,475 shares in the last quarter. Finally, Bessemer Group Inc. grew its holdings in shares of Towne Bank by 137.0% in the 1st quarter. Bessemer Group Inc. now owns 5,121 shares of the bank's stock worth $175,000 after purchasing an additional 2,960 shares during the last quarter. 55.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on TOWN. Hovde Group upped their price objective on shares of Towne Bank from $38.00 to $39.00 and gave the stock an "outperform" rating in a research note on Monday, April 28th. Wall Street Zen upgraded Towne Bank from a "sell" rating to a "hold" rating in a report on Friday, May 30th.

Towne Bank Stock Up 1.6%

TOWN traded up $0.58 during trading hours on Friday, hitting $35.99. 231,067 shares of the company's stock were exchanged, compared to its average volume of 258,806. The stock has a market cap of $2.70 billion, a price-to-earnings ratio of 15.25 and a beta of 0.80. Towne Bank has a 1-year low of $26.62 and a 1-year high of $38.28. The stock's 50-day moving average is $34.13 and its two-hundred day moving average is $34.25.

Towne Bank (NASDAQ:TOWN - Get Free Report) last released its earnings results on Wednesday, April 23rd. The bank reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.07. The business 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%. Towne Bank's revenue was up 14.9% on a year-over-year basis. During the same quarter in the prior 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 will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend is Friday, June 27th. This is an increase from Towne Bank's previous quarterly dividend of $0.25. Towne Bank's payout ratio is 45.76%.

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.