De Lisle Partners LLP Invests $5.23 Million in Towne Bank $TOWN

Key Points

• De Lisle Partners LLP acquired 144,341 Towne Bank shares valued at approximately $5.23 million, representing about 0.18% of the company. Institutional investors collectively own 55.99% of TOWN.
• Analyst sentiment remains cautiously positive, with a consensus rating of “Moderate Buy” and an average price target of $39.50. Recent ratings included two Buys and two Holds.
• Towne Bank shares were trading at $37.75, up 0.7%, while quarterly earnings were slightly below expectations at $0.78 per share versus the $0.79 consensus estimate; revenue broadly exceeded forecasts.

De Lisle Partners LLP purchased a new stake in shares of Towne Bank (NASDAQ:TOWN - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 144,341 shares of the bank's stock, valued at approximately $5,233,000. De Lisle Partners LLP owned approximately 0.18% of Towne Bank at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of TOWN. Vanguard Group Inc. raised its position in Towne Bank by 5.8% in the 4th quarter. Vanguard Group Inc. now owns 8,082,514 shares of the bank's stock worth $269,713,000 after buying an additional 443,345 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Towne Bank by 1.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,399,012 shares of the bank's stock valued at $148,114,000 after acquiring an additional 59,267 shares during the last quarter. State Street Corp grew its stake in shares of Towne Bank by 1.0% in the fourth quarter. State Street Corp now owns 2,138,398 shares of the bank's stock worth $71,931,000 after acquiring an additional 21,482 shares during the period. Geode Capital Management LLC grew its stake in shares of Towne Bank by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 1,811,213 shares of the bank's stock worth $60,448,000 after acquiring an additional 12,672 shares during the period. Finally, Patriot Financial Partners GP II L.P. bought a new stake in shares of Towne Bank in the first quarter worth approximately $51,116,000. 55.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TOWN has been the subject of a number of research analyst reports. Zacks Research raised shares of Towne Bank from a "strong sell" rating to a "hold" rating in a research report on Monday, June 29th. Hovde Group dropped their price target on Towne Bank from $42.00 to $41.00 and set an "outperform" rating on the stock in a research note on Monday, April 27th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $38.00 price objective (down from $42.00) on shares of Towne Bank in a report on Wednesday, May 6th. Finally, Weiss Ratings raised Towne Bank from a "buy (b)" rating to a "buy (b+)" rating in a report on Wednesday, August 12th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $39.50.

Towne Bank Trading Up 0.7%

NASDAQ:TOWN opened at $37.75 on Friday. Towne Bank has a one year low of $31.91 and a one year high of $39.03. The business has a fifty day moving average price of $36.69 and a 200-day moving average price of $35.38. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 10.60 and a beta of 0.69. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.89 and a quick ratio of 0.88.

Towne Bank (NASDAQ:TOWN - Get Free Report) last released its earnings results on Thursday, July 23rd. The bank reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.01). Towne Bank had a net margin of 25.64% and a return on equity of 9.99%. The company had revenue of $245.72 million for the quarter, compared to analysts' expectations of $245.33 million. Sell-side analysts forecast that Towne Bank will post 3.09 EPS for the current year.

Towne Bank Company Profile

TowneBank is a Virginia‐based financial services company organized as a bank holding company. Its primary subsidiary, TowneBank, operates a network of community banking offices and mortgage production facilities. The company offers a comprehensive range of commercial and consumer banking solutions, including deposit accounts, lending products, treasury management, and private banking services tailored to individuals, small businesses, and middle‐market corporations.

In addition to traditional banking, TowneBank provides specialty services through affiliated subsidiaries.

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