Goldman Sachs Group Inc. Has $8.13 Million Stake in Towne Bank $TOWN

Key Points

• Goldman Sachs Group Inc. reduced its stake in Towne Bank by 44.2%, now owning approximately $8.13 million worth of shares after selling nearly 189,000 shares in the first quarter.
• Several institutional investors have increased their positions in Towne Bank, with T. Rowe Price expanding its stake by 1.1% and Victory Capital Management by 19.9% during the same period.
• Towne Bank declared a quarterly dividend of $0.27 per share, set to be paid on October 10th, reflecting a 3.0% dividend yield based on an annualized payout of $1.08.

Goldman Sachs Group Inc. decreased its position in Towne Bank (NASDAQ:TOWN - Free Report) by 44.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 237,866 shares of the bank's stock after selling 188,795 shares during the quarter. Goldman Sachs Group Inc. owned about 0.32% of Towne Bank worth $8,133,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. grew its position in shares of Towne Bank by 1.1% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,393,296 shares of the bank's stock valued at $150,207,000 after purchasing an additional 48,623 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Towne Bank by 19.9% in the first quarter. Victory Capital Management Inc. now owns 2,584,688 shares of the bank's stock valued at $88,370,000 after purchasing an additional 429,487 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of Towne Bank in the fourth quarter valued at approximately $22,894,000. Royce & Associates LP grew its position in shares of Towne Bank by 7.1% in the first quarter. Royce & Associates LP now owns 576,042 shares of the bank's stock valued at $19,695,000 after purchasing an additional 37,989 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in Towne Bank by 0.6% during the fourth quarter. Ameriprise Financial Inc. now owns 518,050 shares of the bank's stock worth $17,645,000 after buying an additional 3,311 shares in the last quarter. Institutional investors and hedge funds own 55.99% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Hovde Group upped their target price on Towne Bank from $39.00 to $41.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Wall Street Zen raised Towne Bank from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $40.67.

Towne Bank Stock Down 0.9%

NASDAQ TOWN opened at $35.89 on Friday. The business has a fifty day moving average price of $35.96 and a two-hundred day moving average price of $34.54. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.87 and a quick ratio of 0.85. Towne Bank has a fifty-two week low of $29.43 and a fifty-two week high of $38.28. The stock 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 released 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. Towne Bank had a return on equity of 8.99% and a net margin of 16.49%.The firm had revenue of $207.44 million during the quarter, compared to analysts' expectations of $202.18 million. During the same period in the prior year, the company earned $0.57 earnings per share. The company's quarterly revenue was up 18.6% on a year-over-year basis. Equities analysts expect that Towne Bank will post 2.6 earnings per share for the current fiscal year.

Towne Bank Announces Dividend

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

Towne Bank 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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