DAVENPORT & Co LLC Raises Stock Holdings in Towne Bank (NASDAQ:TOWN)

DAVENPORT & Co LLC boosted its stake in Towne Bank (NASDAQ:TOWN - Free Report) by 12.7% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 90,032 shares of the bank's stock after acquiring an additional 10,151 shares during the quarter. DAVENPORT & Co LLC owned 0.12% of Towne Bank worth $3,078,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Connor Clark & Lunn Investment Management Ltd. grew its stake in Towne Bank by 2.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 17,067 shares of the bank's stock valued at $581,000 after acquiring an additional 365 shares during the period. Summit Investment Advisors Inc. lifted its holdings in Towne Bank by 5.4% in the 4th quarter. Summit Investment Advisors Inc. now owns 7,354 shares of the bank's stock valued at $250,000 after purchasing an additional 376 shares in the last quarter. SummerHaven Investment Management LLC lifted its holdings in Towne Bank by 1.4% in the 1st quarter. SummerHaven Investment Management LLC now owns 28,200 shares of the bank's stock valued at $964,000 after purchasing an additional 402 shares in the last quarter. Invesco Ltd. lifted its holdings in Towne Bank by 0.3% in the 4th quarter. Invesco Ltd. now owns 167,173 shares of the bank's stock valued at $5,694,000 after purchasing an additional 430 shares in the last quarter. Finally, Cerity Partners LLC lifted its holdings in Towne Bank by 0.4% in the 4th quarter. Cerity Partners LLC now owns 109,607 shares of the bank's stock valued at $3,733,000 after purchasing an additional 463 shares in the last quarter. Institutional investors and hedge funds own 55.99% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on TOWN shares. Wall Street Zen upgraded Towne Bank from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Hovde Group raised their price objective on Towne Bank from $38.00 to $39.00 and gave the company an "outperform" rating in a report on Monday, April 28th.

Towne Bank Stock Performance

Shares of NASDAQ TOWN traded up $0.29 during trading on Tuesday, hitting $35.88. 290,026 shares of the company were exchanged, compared to its average volume of 259,667. Towne Bank has a 12-month low of $26.62 and a 12-month high of $38.28. The company has a fifty day moving average price of $34.24 and a 200-day moving average price of $34.27. The firm has a market capitalization of $2.69 billion, a PE ratio of 15.20 and a beta of 0.80.

Towne Bank (NASDAQ:TOWN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.68 EPS for the quarter, topping the consensus estimate of $0.61 by $0.07. Towne Bank had a return on equity of 8.27% and a net margin of 17.15%. The business had revenue of $190.04 million for the quarter, compared to analyst estimates of $191.29 million. During the same quarter in the previous year, the firm earned $0.48 EPS. The company's quarterly revenue was up 14.9% compared to the same quarter last year. Research analysts anticipate that Towne Bank will post 2.6 earnings per share for the current fiscal year.

Towne Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 3.01%. The ex-dividend date is Friday, June 27th. This is a positive change from Towne Bank's previous quarterly dividend of $0.25. Towne Bank's payout ratio is currently 45.76%.

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.