Towne Bank $TOWN Shares Sold by Advantage Alpha Capital Partners LP

Key Points

• Advantage Alpha Capital Partners LP reduced its stake in Towne Bank by 60.8% during the first quarter, holding 6,954 shares worth approximately $238,000 after selling 10,803 shares.
• Recent analysis shows that analysts predict Towne Bank will report an earnings per share of 2.6 for the current fiscal year, with several equity analysts rating the stock as a "Moderate Buy".
• Towne Bank's stock saw a one-year price range between $29.43 and $38.28, with current trading around $37.20.

Advantage Alpha Capital Partners LP lowered its holdings in Towne Bank (NASDAQ:TOWN - Free Report) by 60.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,954 shares of the bank's stock after selling 10,803 shares during the period. Advantage Alpha Capital Partners LP's holdings in Towne Bank were worth $238,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. T. Rowe Price Investment Management Inc. grew its position in shares of Towne Bank by 1.1% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,393,296 shares of the bank's stock valued at $150,207,000 after purchasing an additional 48,623 shares during the period. Summit Securities Group LLC purchased a new stake in shares of Towne Bank in the first quarter valued at $28,000. Brandywine Global Investment Management LLC purchased a new stake in Towne Bank during the first quarter valued at about $1,798,000. Russell Investments Group Ltd. grew its position in Towne Bank by 12.9% during the first quarter. Russell Investments Group Ltd. now owns 204,488 shares of the bank's stock valued at $6,991,000 after acquiring an additional 23,327 shares during the period. Finally, Nuveen LLC purchased a new stake in Towne Bank during the first quarter valued at about $15,584,000. Hedge funds and other institutional investors own 55.99% of the company's stock.

Towne Bank Trading Up 0.4%

Shares of TOWN traded up $0.16 during midday trading on Tuesday, reaching $36.89. 390,291 shares of the company were exchanged, compared to its average volume of 262,387. The stock has a 50-day moving average price of $35.33 and a 200-day moving average price of $34.55. The company has a market cap of $2.77 billion, a price-to-earnings ratio of 16.04 and a beta of 0.84. Towne Bank has a 1-year low of $29.43 and a 1-year high of $38.28.

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

Wall Street Analyst Weigh In

TOWN has been the subject of a number of research reports. Hovde Group boosted their price target on Towne Bank from $39.00 to $41.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Wall Street Zen raised Towne Bank from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Towne Bank has a consensus rating of "Moderate Buy" and an average price target of $40.67.

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.