Dimensional Fund Advisors LP Sells 7,097 Shares of Towne Bank $TOWN

Key Points

• Dimensional Fund Advisors LP reduced its stake in Towne Bank by 0.2%, selling 7,097 shares, and now owns 4,327,572 shares valued at approximately $147.96 million.
• Towne Bank's earnings per share for the last quarter was $0.81, exceeding analysts' expectations of $0.69, with revenue reported at $207.44 million, up 18.6% year-over-year.
• Wall Street analysts have given Towne Bank an average rating of "Moderate Buy" with a target price of $40.67, indicating a positive outlook for the stock.

Dimensional Fund Advisors LP decreased its stake in shares of Towne Bank (NASDAQ:TOWN - Free Report) by 0.2% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 4,327,572 shares of the bank's stock after selling 7,097 shares during the period. Dimensional Fund Advisors LP owned 5.77% of Towne Bank worth $147,960,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Abound Financial LLC purchased a new stake in shares of Towne Bank in the first quarter worth about $27,000. Sterling Capital Management LLC increased its holdings in Towne Bank by 807.8% during the 4th quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank's stock worth $75,000 after acquiring an additional 1,971 shares during the period. Nisa Investment Advisors LLC lifted its stake in Towne Bank by 32.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the bank's stock worth $98,000 after purchasing an additional 700 shares in the last quarter. GAMMA Investing LLC lifted its stake in Towne Bank by 2,332.2% in the 1st quarter. GAMMA Investing LLC now owns 3,624 shares of the bank's stock worth $124,000 after purchasing an additional 3,475 shares in the last quarter. Finally, Bessemer Group Inc. boosted its holdings in Towne Bank by 137.0% in the 1st quarter. Bessemer Group Inc. now owns 5,121 shares of the bank's stock valued at $175,000 after purchasing an additional 2,960 shares during the period. Hedge funds and other institutional investors own 55.99% of the company's stock.

Towne Bank Stock Up 0.1%

TOWN opened at $35.45 on Thursday. The business's fifty day simple moving average is $35.15 and its 200 day simple moving average is $34.58. Towne Bank has a 52 week low of $29.43 and a 52 week high of $38.28. The stock has a market cap of $2.66 billion, a PE ratio of 15.41 and a beta of 0.84.

Towne Bank (NASDAQ:TOWN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.69 by $0.12. The firm had revenue of $207.44 million during the quarter, compared to analysts' expectations of $202.18 million. Towne Bank had a return on equity of 9.05% and a net margin of 16.49%.The company's revenue for the quarter was up 18.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.57 EPS. As a group, equities analysts anticipate that Towne Bank will post 2.6 earnings per share for the current year.

Wall Street Analyst Weigh In

TOWN has been the topic of several research analyst reports. Wall Street Zen raised shares of Towne Bank from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Hovde Group upped their target price on Towne Bank from $39.00 to $41.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Towne Bank has an average rating of "Moderate Buy" and an average target price of $40.67.

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.

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