Towne Bank $TOWN Shares Sold by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Towne Bank by 2.9%, selling 24,673 shares, and now owns about 1.09% of the bank worth approximately $28 million.
• Various institutional investors have adjusted their stakes in Towne Bank, with notable increases from Nisa Investment Advisors (+32.6%) and Bessemer Group (+137%).
• Towne Bank reported a quarterly EPS of $0.81, exceeding analysts' expectations, and has a consensus target price set at $40.67 with a rating of "Moderate Buy."

Charles Schwab Investment Management Inc. reduced its position in shares of Towne Bank (NASDAQ:TOWN - Free Report) by 2.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 820,662 shares of the bank's stock after selling 24,673 shares during the period. Charles Schwab Investment Management Inc. owned about 1.09% of Towne Bank worth $28,058,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Abound Financial LLC bought a new stake in shares of Towne Bank in the first quarter worth $27,000. Sterling Capital Management LLC increased its stake in shares of Towne Bank by 807.8% in the fourth quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank's stock worth $75,000 after buying an additional 1,971 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Towne Bank by 32.6% in the first quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the bank's stock worth $98,000 after buying an additional 700 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Towne Bank by 2,332.2% in the first quarter. GAMMA Investing LLC now owns 3,624 shares of the bank's stock worth $124,000 after buying an additional 3,475 shares during the last quarter. Finally, Bessemer Group Inc. increased its stake in shares of Towne Bank by 137.0% in the first quarter. Bessemer Group Inc. now owns 5,121 shares of the bank's stock worth $175,000 after buying an additional 2,960 shares during the last quarter. 55.99% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TOWN. Wall Street Zen upgraded shares of Towne Bank from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Hovde Group lifted their price target on shares of Towne Bank from $39.00 to $41.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, Towne Bank has an average rating of "Moderate Buy" and a consensus price target of $40.67.

Towne Bank Stock Down 1.3%

TOWN stock traded down $0.47 during trading on Monday, hitting $36.73. 235,445 shares of the company's stock traded hands, compared to its average volume of 301,690. Towne Bank has a 52 week low of $29.43 and a 52 week high of $38.28. The stock has a fifty day moving average price of $35.33 and a two-hundred day moving average price of $34.55. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of 15.97 and a beta of 0.84.

Towne Bank (NASDAQ:TOWN - Get Free Report) last released its earnings results on Wednesday, July 23rd. The bank reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.12. Towne Bank had a net margin of 16.49% and a return on equity of 9.05%. The firm had revenue of $207.44 million during the quarter, compared to analyst estimates of $202.18 million. During the same quarter in the previous year, the firm earned $0.57 earnings per share. The firm's revenue for the quarter was up 18.6% compared to the same quarter last year. As a group, equities research analysts expect 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.