Dimensional Fund Advisors LP Purchases 59,267 Shares of Towne Bank $TOWN

Dimensional Fund Advisors LP grew its position in Towne Bank (NASDAQ:TOWN - Free Report) by 1.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,399,012 shares of the bank's stock after purchasing an additional 59,267 shares during the period. Dimensional Fund Advisors LP owned about 5.57% of Towne Bank worth $148,114,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the business. &PARTNERS lifted its stake in Towne Bank by 3.2% in the fourth quarter. &PARTNERS now owns 10,428 shares of the bank's stock valued at $348,000 after buying an additional 319 shares in the last quarter. Arizona State Retirement System increased its holdings in Towne Bank by 1.8% during the fourth quarter. Arizona State Retirement System now owns 21,410 shares of the bank's stock worth $714,000 after buying an additional 382 shares during the last quarter. California State Teachers Retirement System increased its holdings in Towne Bank by 0.7% during the second quarter. California State Teachers Retirement System now owns 68,857 shares of the bank's stock worth $2,354,000 after buying an additional 503 shares during the last quarter. Comerica Bank raised its position in Towne Bank by 32.4% during the fourth quarter. Comerica Bank now owns 2,219 shares of the bank's stock worth $74,000 after acquiring an additional 543 shares in the last quarter. Finally, 1620 Investment Advisors Inc. raised its position in Towne Bank by 18.6% during the fourth quarter. 1620 Investment Advisors Inc. now owns 3,596 shares of the bank's stock worth $120,000 after acquiring an additional 564 shares in the last quarter. Institutional investors own 55.99% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Hovde Group lowered their price objective on shares of Towne Bank from $42.00 to $41.00 and set an "outperform" rating on the stock in a research note on Monday, April 27th. Weiss Ratings upgraded shares of Towne Bank from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, July 16th. Zacks Research upgraded Towne Bank from a "strong sell" rating to a "hold" rating in a report on Monday, June 29th. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and set a $38.00 price target (down from $42.00) on shares of Towne Bank in a research report on Wednesday, May 6th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $39.50.

Towne Bank Price Performance

NASDAQ TOWN opened at $36.65 on Monday. The company has a market cap of $2.89 billion, a price-to-earnings ratio of 10.29 and a beta of 0.69. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.07. The company has a 50 day moving average of $35.27 and a 200-day moving average of $35.02. Towne Bank has a 1-year low of $31.91 and a 1-year high of $37.86.

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 analysts' consensus estimates 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 the consensus estimate of $245.33 million. On average, equities research analysts expect that Towne Bank will post 3.09 earnings per share for the current fiscal year.

Towne Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Friday, June 26th were given a dividend of $0.28 per share. This is an increase from Towne Bank's previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a yield of 3.1%. The ex-dividend date was Friday, June 26th. Towne Bank's dividend payout ratio (DPR) is presently 31.46%.

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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