Arlington Financial Advisors LLC Invests $419,000 in TowneBank (NASDAQ:TOWN)

Arlington Financial Advisors LLC acquired a new stake in TowneBank (NASDAQ:TOWN - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 12,265 shares of the bank's stock, valued at approximately $419,000.

Several other large investors have also recently added to or reduced their stakes in TOWN. Picton Mahoney Asset Management acquired a new position in shares of TowneBank during the 4th quarter worth $28,000. Blue Trust Inc. grew its stake in TowneBank by 258.5% in the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock valued at $47,000 after buying an additional 1,034 shares during the last quarter. Sterling Capital Management LLC grew its stake in TowneBank by 807.8% in the 4th quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank's stock valued at $75,000 after buying an additional 1,971 shares during the last quarter. Federated Hermes Inc. acquired a new position in TowneBank in the 4th quarter valued at $82,000. Finally, GAMMA Investing LLC grew its stake in TowneBank 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 buying an additional 3,475 shares during the last quarter. Institutional investors and hedge funds own 55.99% of the company's stock.

TowneBank Stock Performance

Shares of NASDAQ:TOWN traded up $0.02 during midday trading on Thursday, reaching $33.71. 40,779 shares of the company's stock were exchanged, compared to its average volume of 256,336. The company's 50 day simple moving average is $33.12 and its two-hundred day simple moving average is $34.62. The firm has a market capitalization of $2.53 billion, a PE ratio of 15.68 and a beta of 0.79. TowneBank has a 12 month low of $25.70 and a 12 month high of $38.28.

TowneBank (NASDAQ:TOWN - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The bank reported $0.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. The business had revenue of $190.04 million during the quarter, compared to analysts' expectations of $191.29 million. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. The firm's revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter last year, the company posted $0.48 EPS. On average, research analysts anticipate that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.20%. The ex-dividend date is Friday, June 27th. This is a boost from TowneBank's previous quarterly dividend of $0.25. TowneBank's dividend payout ratio (DPR) is presently 45.76%.

Analysts Set New Price Targets

A number of research firms recently issued reports on TOWN. Wall Street Zen upgraded shares of TowneBank from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Hovde Group raised their target price on shares of TowneBank from $38.00 to $39.00 and gave the company an "outperform" rating in a research note on Monday, April 28th.

TowneBank 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.