Focus Partners Wealth Grows Stock Position in 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 stake in Towne Bank (NASDAQ:TOWN - Free Report) by 6.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 143,340 shares of the bank's stock after acquiring an additional 9,159 shares during the quarter. Focus Partners Wealth owned about 0.19% of Towne Bank worth $4,901,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. SummerHaven Investment Management LLC boosted its holdings in Towne Bank by 1.4% in the 1st quarter. SummerHaven Investment Management LLC now owns 28,200 shares of the bank's stock worth $964,000 after acquiring an additional 402 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in Towne Bank by 6.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 10,342 shares of the bank's stock worth $352,000 after acquiring an additional 589 shares during the period. Nisa Investment Advisors LLC boosted its holdings 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 acquiring an additional 700 shares during the period. Abound Financial LLC purchased a new position in Towne Bank in the 1st quarter worth approximately $27,000. Finally, Summit Securities Group LLC purchased a new position in Towne Bank in the 1st quarter worth approximately $28,000. Hedge funds and other institutional investors own 55.99% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on TOWN. Wall Street Zen upgraded Towne Bank from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Hovde Group increased their target price on Towne Bank from $39.00 to $41.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Towne Bank presently has an average rating of "Moderate Buy" and an average target price of $40.67.

Towne Bank Price Performance

Shares of NASDAQ TOWN opened at $35.89 on Monday. Towne Bank has a 1-year low of $29.43 and a 1-year high of $38.28. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.87 and a quick ratio of 0.85. The business's fifty day moving average price is $35.96 and its two-hundred day moving average price is $34.52. The firm has a market capitalization of $2.69 billion, a PE ratio of 15.60 and a beta of 0.87.

Towne Bank (NASDAQ:TOWN - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The bank reported $0.81 earnings per share 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 analyst estimates of $202.18 million. Towne Bank had a return on equity of 8.99% and a net margin of 16.49%.The firm's revenue for the quarter was up 18.6% on a year-over-year basis. During the same period last year, the company earned $0.57 earnings per share. On average, research analysts expect that Towne Bank will post 2.6 EPS for the current year.

Towne Bank Announces Dividend

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

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.

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