Towne Bank $TOWN Shares Sold by Martingale Asset Management L P

Key Points

• Martingale Asset Management L P reduced its stake in Towne Bank by 33.8%, holding 68,186 shares worth approximately $2.33 million after selling 34,769 shares in the first quarter.
• In the first quarter, several institutional investors adjusted their positions in Towne Bank, with Bessemer Group Inc. increasing its stake by 137.0% to own 5,121 shares.
• Towne Bank's stock has shown positive momentum, recently traded at $37.20, with a reported EPS of $0.81, beating analysts' estimates by $0.12.

Martingale Asset Management L P lowered its position in shares of Towne Bank (NASDAQ:TOWN - Free Report) by 33.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 68,186 shares of the bank's stock after selling 34,769 shares during the quarter. Martingale Asset Management L P owned about 0.09% of Towne Bank worth $2,331,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TOWN. SummerHaven Investment Management LLC raised its position in shares of 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 purchasing an additional 402 shares during the last quarter. Invesco Ltd. grew its stake in shares of Towne Bank by 0.3% during the 4th quarter. Invesco Ltd. now owns 167,173 shares of the bank's stock valued at $5,694,000 after purchasing an additional 430 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in shares of Towne Bank by 6.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 10,342 shares of the bank's stock valued at $352,000 after acquiring an additional 589 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of Towne Bank by 32.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the bank's stock valued at $98,000 after acquiring an additional 700 shares during the period. Finally, Abound Financial LLC purchased a new position in Towne Bank in the 1st quarter worth approximately $27,000. Hedge funds and other institutional investors own 55.99% of the company's stock.

Towne Bank Stock Performance

Towne Bank stock traded up $0.16 during midday trading on Tuesday, hitting $36.89. 390,291 shares of the company were exchanged, compared to its average volume of 262,387. The business has a fifty day simple moving average of $35.33 and a two-hundred day simple moving average of $34.55. The firm has a market capitalization of $2.77 billion, a PE ratio of 16.04 and a beta of 0.84. 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 company 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 9.05% and a net margin of 16.49%.Towne Bank's quarterly revenue was up 18.6% on a year-over-year basis. During the same period last year, the business earned $0.57 earnings per share. As a group, equities analysts expect that Towne Bank will post 2.6 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Wall Street Zen raised Towne Bank from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Hovde Group increased 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. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Towne Bank currently has an average rating of "Moderate Buy" and an average 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.