Invesco Ltd. Trims Stock Position in Towne Bank $TOWN

Key Points

• Invesco Ltd. has reduced its holdings in Towne Bank by 8.1%, now owning approximately 153,647 shares worth $5,253,000.
• Towne Bank recently reported earnings of $0.81 per share, exceeding analysts' expectations and marking an 18.6% revenue increase compared to the same quarter last year.
• The company has announced a $0.27 quarterly dividend, reflecting a dividend yield of 2.9%, with a payout ratio of approximately 46.96%.

Invesco Ltd. lowered its holdings in shares of Towne Bank (NASDAQ:TOWN - Free Report) by 8.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 153,647 shares of the bank's stock after selling 13,526 shares during the quarter. Invesco Ltd. owned approximately 0.20% of Towne Bank worth $5,253,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Abound Financial LLC bought a new stake in Towne Bank during the 1st quarter worth approximately $27,000. Nisa Investment Advisors LLC grew its holdings in shares of Towne Bank by 32.6% in the first quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the bank's stock valued at $98,000 after purchasing an additional 700 shares in the last quarter. GAMMA Investing LLC lifted its position in Towne Bank by 2,332.2% in the first quarter. GAMMA Investing LLC now owns 3,624 shares of the bank's stock worth $124,000 after buying an additional 3,475 shares during the last quarter. Bessemer Group Inc. lifted its position in Towne Bank by 137.0% in the first quarter. Bessemer Group Inc. now owns 5,121 shares of the bank's stock worth $175,000 after buying an additional 2,960 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in Towne Bank by 107.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,619 shares of the bank's stock worth $191,000 after buying an additional 2,908 shares during the last quarter. Hedge funds and other institutional investors own 55.99% of the company's stock.

Towne Bank Trading Down 0.1%

NASDAQ:TOWN opened at $36.87 on Thursday. Towne Bank has a twelve month low of $29.43 and a twelve month high of $38.28. The company has a market cap of $2.77 billion, a price-to-earnings ratio of 16.03 and a beta of 0.84. The stock has a fifty day simple moving average of $35.50 and a 200-day simple moving average of $34.58.

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 9.05% and a net margin of 16.49%.The business had revenue of $207.44 million during the quarter, compared to the consensus estimate of $202.18 million. During the same period last year, the company earned $0.57 earnings per share. The business's revenue for the quarter was up 18.6% compared to the same quarter last year. As a group, equities research analysts predict that Towne Bank will post 2.6 EPS for the current fiscal year.

Towne Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Monday, September 29th will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 2.9%. Towne Bank's payout ratio is currently 46.96%.

Wall Street Analysts Forecast Growth

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

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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