Towne Bank $TOWN Stock Holdings Trimmed by American Century Companies Inc.

Key Points

• American Century Companies Inc. reduced its stake in Towne Bank by 9% to 693,006 shares, valued at approximately $23.69 million.
• Towne Bank reported a quarterly earnings per share of $0.81, surpassing estimates, with an 18.6% year-over-year revenue increase to $207.44 million.
• Wall Street analysts maintain a consensus rating of "Moderate Buy" for Towne Bank, with a target price increase to $40.67 and recent reports highlighting improved stock ratings.

American Century Companies Inc. trimmed its position in shares of Towne Bank (NASDAQ:TOWN - Free Report) by 9.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 693,006 shares of the bank's stock after selling 68,603 shares during the period. American Century Companies Inc. owned approximately 0.92% of Towne Bank worth $23,694,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TOWN. Abound Financial LLC purchased a new stake in Towne Bank during the first quarter valued at about $27,000. Nisa Investment Advisors LLC grew its holdings in shares of Towne Bank by 32.6% during the 1st 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 period. GAMMA Investing LLC grew its holdings in shares of Towne Bank by 2,332.2% during the 1st quarter. GAMMA Investing LLC now owns 3,624 shares of the bank's stock worth $124,000 after purchasing an additional 3,475 shares during the period. Bessemer Group Inc. increased its position in Towne Bank by 137.0% during 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 in the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in Towne Bank by 107.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,619 shares of the bank's stock valued at $191,000 after buying an additional 2,908 shares during the period. Institutional investors and hedge funds own 55.99% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on TOWN. Wall Street Zen raised shares of Towne Bank from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Hovde Group boosted their price objective on Towne Bank from $39.00 to $41.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $40.67.

Towne Bank Trading Up 0.4%

TOWN stock traded up $0.16 during midday trading on Tuesday, hitting $36.89. 390,291 shares of the company's stock were exchanged, compared to its average volume of 262,387. The firm has a 50 day moving average price of $35.33 and a 200-day moving average price of $34.55. Towne Bank has a 12-month low of $29.43 and a 12-month high of $38.28. 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 results on Wednesday, July 23rd. The bank reported $0.81 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.12. The business had revenue of $207.44 million during the quarter, compared to the consensus estimate of $202.18 million. Towne Bank had a net margin of 16.49% and a return on equity of 9.05%. The business's quarterly revenue was up 18.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.57 earnings per share. On average, sell-side analysts forecast that Towne Bank will post 2.6 EPS for the current fiscal year.

About Towne Bank

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.