Jacobs Levy Equity Management Inc. Has $4.25 Million Holdings in Towne Bank $TOWN

Key Points

• Jacobs Levy Equity Management Inc. reduced its holdings in Towne Bank by 25.6%, owning 124,305 shares valued at $4.25 million as of the latest SEC filing.
• Towne Bank reported a quarterly earnings per share (EPS) of $0.81, exceeding analysts' expectations of $0.69, with an 18.6% year-over-year increase in revenue.
• The firm declared a quarterly dividend of $0.27 per share, representing a 3.0% dividend yield, with payment scheduled for October 10th.

Jacobs Levy Equity Management Inc. lessened its position in Towne Bank (NASDAQ:TOWN - Free Report) by 25.6% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 124,305 shares of the bank's stock after selling 42,808 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 0.17% of Towne Bank worth $4,250,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of TOWN. Abound Financial LLC acquired a new position in shares of Towne Bank in the 1st quarter worth $27,000. Summit Securities Group LLC acquired a new position in shares of Towne Bank in the 1st quarter worth $28,000. Nisa Investment Advisors LLC grew its holdings in shares of 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 last quarter. GAMMA Investing LLC grew its holdings 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 worth $124,000 after acquiring an additional 3,475 shares during the last quarter. Finally, Bessemer Group Inc. grew its holdings 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 worth $175,000 after acquiring an additional 2,960 shares during the last quarter. Institutional investors own 55.99% of the company's stock.

Towne Bank Stock Down 0.9%

TOWN traded down $0.31 during trading on Friday, reaching $35.89. 218,839 shares of the stock traded hands, compared to its average volume of 271,477. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 15.60 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. 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 stock's 50-day simple moving average is $35.97 and its two-hundred day simple moving average is $34.55.

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

Towne Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Monday, September 29th will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, September 29th. Towne Bank's payout ratio is currently 46.96%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Hovde Group lifted their target price on 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 Towne Bank from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target 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.