Connor Clark & Lunn Investment Management Ltd. Sells 9,908 Shares of Towne Bank $TOWN

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its stake in Towne Bank by 58.1% to 7,159 shares, with holdings valued at $245,000 as of the latest SEC filing.
• Several institutional investors increased their positions in Towne Bank, including Abound Financial LLC, which purchased a new stake worth $27,000, and Sterling Capital Management LLC, which raised its position by 807.8%.
• Analysts have a consensus rating of "Moderate Buy" for Towne Bank, with an average price target increase to $40.67, up from previous target estimates.

Connor Clark & Lunn Investment Management Ltd. cut its holdings in shares of Towne Bank (NASDAQ:TOWN - Free Report) by 58.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,159 shares of the bank's stock after selling 9,908 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Towne Bank were worth $245,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of TOWN. Wellington Management Group LLP bought a new stake in Towne Bank during the fourth quarter valued at about $22,894,000. Victory Capital Management Inc. raised its holdings in Towne Bank by 19.9% during the first quarter. Victory Capital Management Inc. now owns 2,584,688 shares of the bank's stock valued at $88,370,000 after acquiring an additional 429,487 shares during the period. FJ Capital Management LLC bought a new stake in Towne Bank during the fourth quarter valued at about $9,908,000. Millennium Management LLC raised its holdings in Towne Bank by 1,265.5% during the fourth quarter. Millennium Management LLC now owns 243,773 shares of the bank's stock valued at $8,303,000 after acquiring an additional 225,921 shares during the period. Finally, T. Rowe Price Investment Management Inc. raised its holdings in Towne Bank by 5.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,344,673 shares of the bank's stock valued at $147,980,000 after acquiring an additional 210,521 shares during the period. 55.99% of the stock is owned by institutional investors.

Towne Bank Stock Up 0.4%

NASDAQ TOWN traded up $0.16 during trading hours on Tuesday, hitting $36.89. 390,291 shares of the company were exchanged, compared to its average volume of 301,139. The stock has a 50-day moving average price of $35.42 and a 200 day moving average price of $34.56. Towne Bank has a 52 week low of $29.43 and a 52 week high of $38.28. The stock has a market cap of $2.77 billion, a PE ratio of 16.04 and a beta of 0.84.

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

Wall Street Analysts Forecast Growth

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

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.