Nuveen LLC Takes Position in Towne Bank $TOWN

Key Points

• Nuveen LLC has invested approximately $15.58 million in Towne Bank, acquiring 455,815 shares, representing 0.61% of the bank's stock.
• Analysts have rated Towne Bank with a Moderate Buy average rating, with a target price of $40.67, following a recent change from a "sell" to a "hold" rating by Wall Street Zen.
• Towne Bank reported an earnings per share (EPS) of $0.81 for the last quarter, exceeding expectations, with quarterly revenue up 18.6% year-over-year.

Nuveen LLC acquired a new position in shares of Towne Bank (NASDAQ:TOWN - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 455,815 shares of the bank's stock, valued at approximately $15,584,000. Nuveen LLC owned 0.61% of Towne Bank as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. boosted its position in Towne Bank by 5.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,344,673 shares of the bank's stock valued at $147,980,000 after buying an additional 210,521 shares during the period. Victory Capital Management Inc. boosted its position in Towne Bank by 19.9% in the 1st quarter. Victory Capital Management Inc. now owns 2,584,688 shares of the bank's stock valued at $88,370,000 after buying an additional 429,487 shares during the period. Janus Henderson Group PLC boosted its position in Towne Bank by 6.3% in the 4th quarter. Janus Henderson Group PLC now owns 787,667 shares of the bank's stock valued at $26,827,000 after buying an additional 46,678 shares during the period. Northern Trust Corp boosted its position in Towne Bank by 5.3% in the 4th quarter. Northern Trust Corp now owns 688,871 shares of the bank's stock valued at $23,463,000 after buying an additional 34,591 shares during the period. Finally, Wellington Management Group LLP purchased a new position in Towne Bank in the 4th quarter valued at approximately $22,894,000. Hedge funds and other institutional investors own 55.99% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on TOWN shares. Hovde Group raised their price target on shares of 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 upgraded shares of 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 stock. According to data from MarketBeat, Towne Bank presently has an average rating of "Moderate Buy" and an average price target of $40.67.

Towne Bank Trading Up 0.4%

NASDAQ:TOWN 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 301,139. The company has a fifty day simple moving average of $35.42 and a 200 day simple moving average of $34.56. Towne Bank has a fifty-two week low of $29.43 and a fifty-two week high of $38.28. The company has a market capitalization of $2.77 billion, a PE ratio of 16.04 and a beta of 0.84.

Towne Bank (NASDAQ:TOWN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.81 EPS for the quarter, beating analysts' consensus estimates of $0.69 by $0.12. The company had revenue of $207.44 million for the quarter, compared to analyst estimates of $202.18 million. Towne Bank had a net margin of 16.49% and a return on equity of 9.05%. Towne Bank's quarterly revenue was up 18.6% on a year-over-year basis. During the same period in the previous year, the business posted $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 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.