Deprince Race & Zollo Inc. Acquires 34,133 Shares of Towne Bank $TOWN

Key Points

• Deprince Race & Zollo Inc. increased its stake in Towne Bank by 24.2%, buying 34,133 shares to hold 175,430 shares worth about $5,854,000 (≈0.23% of the company) at quarter-end.
• Towne Bank reported Q4 EPS of $0.70 (missing the $0.71 estimate) on revenue of $221.09 million, a 25.3% year-over-year increase; return on equity was 9.95%.
• The bank pays a quarterly dividend of $0.27 (annualized $1.08, ~3.0% yield, DPR ~49.1%), and analysts have a consensus rating of Moderate Buy with an average price target of $41.00.

Deprince Race & Zollo Inc. boosted its holdings in shares of Towne Bank (NASDAQ:TOWN - Free Report) by 24.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 175,430 shares of the bank's stock after purchasing an additional 34,133 shares during the quarter. Deprince Race & Zollo Inc. owned about 0.23% of Towne Bank worth $5,854,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. OLD Point Trust & Financial Services N A raised its holdings in Towne Bank by 1,020.2% in the 3rd quarter. OLD Point Trust & Financial Services N A now owns 205,116 shares of the bank's stock valued at $7,091,000 after acquiring an additional 186,805 shares in the last quarter. Kanawha Capital Management LLC acquired a new position in Towne Bank in the 3rd quarter valued at approximately $1,068,000. Osaic Holdings Inc. raised its holdings in Towne Bank by 617.1% in the 2nd quarter. Osaic Holdings Inc. now owns 70,831 shares of the bank's stock valued at $2,421,000 after acquiring an additional 60,953 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Towne Bank by 22.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 330,937 shares of the bank's stock valued at $11,441,000 after acquiring an additional 59,770 shares in the last quarter. Finally, Arbor Investment Advisors LLC acquired a new position in Towne Bank in the 3rd quarter valued at approximately $604,000. Institutional investors own 55.99% of the company's stock.

Towne Bank Stock Down 0.4%

Shares of TOWN opened at $35.72 on Tuesday. The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of 16.24 and a beta of 0.72. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.86 and a current ratio of 0.87. The business's fifty day moving average price is $34.60 and its two-hundred day moving average price is $34.25. Towne Bank has a 52 week low of $30.42 and a 52 week high of $37.86.

Towne Bank (NASDAQ:TOWN - Get Free Report) last posted its quarterly earnings results on Friday, January 30th. The bank reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.01). Towne Bank had a return on equity of 9.95% and a net margin of 15.12%.The company had revenue of $221.09 million during the quarter, compared to the consensus estimate of $225.43 million. During the same quarter in the prior year, the business earned $0.55 earnings per share. The firm's revenue for the quarter was up 25.3% on a year-over-year basis. On average, analysts predict that Towne Bank will post 2.6 earnings per share for the current year.

Towne Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Tuesday, March 31st were given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Tuesday, March 31st. Towne Bank's dividend payout ratio (DPR) is currently 49.09%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Zacks Research raised Towne Bank from a "strong sell" rating to a "hold" rating in a report on Friday, April 3rd. Weiss Ratings reissued a "buy (b-)" rating on shares of Towne Bank in a report on Wednesday, January 21st. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $41.00.

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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