Towne Bank $TOWN Shares Sold by Invesco Ltd.

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

Other institutional investors also recently modified their holdings of the company. Abound Financial LLC purchased a new position in shares of Towne Bank during the first quarter valued at approximately $27,000. Nisa Investment Advisors LLC raised 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 valued at $98,000 after purchasing an additional 700 shares in the last quarter. GAMMA Investing LLC raised its stake in Towne Bank by 2,332.2% during the first 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. Bessemer Group Inc. raised its stake in shares of Towne Bank by 137.0% in the first quarter. Bessemer Group Inc. now owns 5,121 shares of the bank's stock valued at $175,000 after acquiring an additional 2,960 shares during the period. Finally, Tower Research Capital LLC TRC raised its stake in shares of Towne Bank by 107.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,619 shares of the bank's stock valued at $191,000 after acquiring an additional 2,908 shares during the period. 55.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Hovde Group upped their price target on shares of Towne Bank from $39.00 to $41.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Wall Street Zen upgraded shares of Towne Bank from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Towne Bank has a consensus rating of "Moderate Buy" and an average price target of $40.67.

Towne Bank Price Performance

TOWN traded down $0.30 on Tuesday, hitting $36.39. 261,545 shares of the company's stock were exchanged, compared to its average volume of 324,866. The firm has a 50-day moving average price of $35.75 and a 200-day moving average price of $34.56. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.01. The stock has a market cap of $2.73 billion, a price-to-earnings ratio of 15.82 and a beta of 0.87. Towne Bank has a fifty-two week low of $29.43 and a fifty-two week high of $38.28.

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

Towne Bank Dividend Announcement

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