Focus Partners Wealth Acquires 9,159 Shares of Towne Bank $TOWN

Key Points

• Focus Partners Wealth has increased its stake in Towne Bank by 6.8%, bringing its total ownership to approximately $4.9 million after acquiring additional shares in the first quarter.
• Towne Bank recently reported $0.81 earnings per share for the last quarter, exceeding consensus estimates, and announced a quarterly dividend of $0.27 per share, translating to a 3.0% dividend yield.
• Analysts have upgraded Towne Bank's stock rating, with an average target price of $40.67 and a current rating of "Moderate Buy," reflecting positive sentiment about the stock's performance.

Focus Partners Wealth boosted its holdings in shares of Towne Bank (NASDAQ:TOWN - Free Report) by 6.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 143,340 shares of the bank's stock after acquiring an additional 9,159 shares during the quarter. Focus Partners Wealth owned approximately 0.19% of Towne Bank worth $4,901,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TOWN. Abound Financial LLC bought a new position in shares of Towne Bank in the first quarter valued at approximately $27,000. Summit Securities Group LLC acquired a new stake in Towne Bank during the first quarter worth $28,000. Nisa Investment Advisors LLC boosted its stake in Towne Bank by 32.6% during the first quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the bank's stock worth $98,000 after buying an additional 700 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Towne Bank by 2,332.2% in the 1st quarter. GAMMA Investing LLC now owns 3,624 shares of the bank's stock valued at $124,000 after purchasing an additional 3,475 shares in the last quarter. Finally, Bessemer Group Inc. boosted its stake in shares of 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 in the last quarter. Institutional investors own 55.99% of the company's stock.

Towne Bank Trading Down 1.4%

Shares of TOWN stock traded down $0.52 on Friday, reaching $35.87. The company had a trading volume of 753,887 shares, compared to its average volume of 348,037. The company has a current ratio of 0.87, a quick ratio of 0.85 and a debt-to-equity ratio of 0.01. The stock has a market cap of $2.69 billion, a PE ratio of 15.60 and a beta of 0.87. The company has a 50-day moving average of $35.95 and a 200-day moving average of $34.52. Towne Bank has a 12 month low of $29.43 and a 12 month high of $38.28.

Towne Bank (NASDAQ:TOWN - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The bank reported $0.81 EPS for the quarter, topping the consensus estimate of $0.69 by $0.12. The firm had revenue of $207.44 million for the quarter, compared to the consensus estimate of $202.18 million. Towne Bank had a net margin of 16.49% and a return on equity of 8.99%. The business's quarterly revenue was up 18.6% on a year-over-year basis. During the same period last year, the company posted $0.57 EPS. On average, equities analysts forecast that Towne Bank will post 2.6 earnings per share for the current year.

Towne Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Monday, September 29th will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 3.0%. The ex-dividend date is Monday, September 29th. Towne Bank's dividend payout ratio (DPR) is 46.96%.

Analyst Upgrades and Downgrades

TOWN has been the subject of several research reports. Wall Street Zen upgraded shares of Towne Bank from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Hovde Group boosted their price objective on Towne Bank from $39.00 to $41.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Towne Bank presently has a consensus rating of "Moderate Buy" and an average target price of $40.67.

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.