Connor Clark & Lunn Investment Management Ltd. Has $245,000 Stake in 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. trimmed its position in shares of Towne Bank (NASDAQ:TOWN - Free Report) by 58.1% during the first quarter, according to 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 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Abound Financial LLC bought a new stake in Towne Bank during the first quarter worth $27,000. Sterling Capital Management LLC raised its position in Towne Bank 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. Nisa Investment Advisors LLC raised its position in Towne Bank by 32.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the bank's stock valued at $98,000 after buying an additional 700 shares during the last quarter. GAMMA Investing LLC raised its position in Towne Bank 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. Finally, Bessemer Group Inc. raised its position in Towne Bank by 137.0% in the 1st quarter. Bessemer Group Inc. now owns 5,121 shares of the bank's stock valued at $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 equities research analysts recently commented on the company. Hovde Group increased 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 company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $40.67.

Towne Bank Price Performance

Shares of NASDAQ:TOWN opened at $35.45 on Thursday. The company has a market capitalization of $2.66 billion, a PE ratio of 15.41 and a beta of 0.84. The business has a fifty day moving average price of $35.15 and a two-hundred day moving average price of $34.58. 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 announced its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.69 by $0.12. The firm had revenue of $207.44 million during the quarter, compared to the consensus estimate of $202.18 million. Towne Bank had a return on equity of 9.05% and a net margin of 16.49%.The business's revenue for the quarter was up 18.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 EPS. Sell-side analysts anticipate that Towne Bank will post 2.6 earnings per share for the current year.

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.

Want to see what other hedge funds are holding TOWN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Towne Bank (NASDAQ:TOWN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.