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

DAVENPORT & Co LLC grew its stake in Towne Bank (NASDAQ:TOWN - Free Report) by 12.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 90,032 shares of the bank's stock after acquiring an additional 10,151 shares during the quarter. DAVENPORT & Co LLC owned about 0.12% of Towne Bank worth $3,078,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. lifted its position in Towne Bank by 2.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 17,067 shares of the bank's stock worth $581,000 after buying an additional 365 shares during the period. Summit Investment Advisors Inc. lifted its position in Towne Bank by 5.4% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,354 shares of the bank's stock worth $250,000 after buying an additional 376 shares during the period. SummerHaven Investment Management LLC lifted its position in Towne Bank by 1.4% during the first quarter. SummerHaven Investment Management LLC now owns 28,200 shares of the bank's stock worth $964,000 after buying an additional 402 shares during the period. Invesco Ltd. lifted its position in Towne Bank by 0.3% during the fourth quarter. Invesco Ltd. now owns 167,173 shares of the bank's stock worth $5,694,000 after buying an additional 430 shares during the period. Finally, Cerity Partners LLC lifted its position in Towne Bank by 0.4% during the fourth quarter. Cerity Partners LLC now owns 109,607 shares of the bank's stock worth $3,733,000 after buying an additional 463 shares during the period. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

Towne Bank Price Performance

Shares of NASDAQ:TOWN opened at $35.99 on Friday. The firm has a market capitalization of $2.70 billion, a PE ratio of 15.25 and a beta of 0.80. The business has a 50-day moving average of $34.13 and a two-hundred day moving average of $34.25. Towne Bank has a 12 month low of $26.62 and a 12 month high of $38.28.

Towne Bank (NASDAQ:TOWN - Get Free Report) last announced 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. The company had revenue of $190.04 million during the quarter, compared to analyst estimates of $191.29 million. Towne Bank had a return on equity of 8.27% and a net margin of 17.15%. The firm's revenue was up 14.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.48 earnings per share. As a group, research analysts anticipate that Towne Bank will post 2.6 earnings per share for the current year.

Towne Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a dividend of $0.27 per share. The ex-dividend date is Friday, June 27th. This is a positive change from Towne Bank's previous quarterly dividend of $0.25. This represents a $1.08 annualized dividend and a yield of 3.00%. Towne Bank's dividend payout ratio is currently 45.76%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on TOWN shares. Hovde Group increased their target price on Towne Bank from $38.00 to $39.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. Wall Street Zen upgraded Towne Bank from a "sell" rating to a "hold" rating in a research report on Friday, May 30th.

Towne Bank 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.

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