Nuveen LLC Buys New Stake 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 purchased a new position in shares of Towne Bank (NASDAQ:TOWN - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 455,815 shares of the bank's stock, valued at approximately $15,584,000. Nuveen LLC owned about 0.61% of Towne Bank at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP acquired a new stake in shares of Towne Bank during the fourth quarter worth about $22,894,000. Victory Capital Management Inc. increased its position in shares of Towne Bank by 19.9% during the first quarter. Victory Capital Management Inc. now owns 2,584,688 shares of the bank's stock worth $88,370,000 after purchasing an additional 429,487 shares in the last quarter. FJ Capital Management LLC acquired a new stake in shares of Towne Bank during the fourth quarter worth about $9,908,000. Millennium Management LLC increased its position in shares of Towne Bank by 1,265.5% during the fourth quarter. Millennium Management LLC now owns 243,773 shares of the bank's stock worth $8,303,000 after purchasing an additional 225,921 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. increased its position in shares of Towne Bank by 5.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,344,673 shares of the bank's stock worth $147,980,000 after purchasing an additional 210,521 shares in the last quarter. 55.99% of the stock is owned by hedge funds and other institutional investors.

Towne Bank Stock Down 0.1%

TOWN stock traded down $0.03 during trading on Tuesday, hitting $36.70. The company had a trading volume of 21,502 shares, compared to its average volume of 260,049. The firm has a market cap of $2.75 billion, a PE ratio of 15.95 and a beta of 0.84. Towne Bank has a 1-year low of $29.43 and a 1-year high of $38.28. The firm has a 50-day moving average price of $35.33 and a 200-day moving average price of $34.55.

Towne Bank (NASDAQ:TOWN - Get Free Report) last released its earnings results on Wednesday, July 23rd. The bank reported $0.81 earnings per share (EPS) 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 company had revenue of $207.44 million for the quarter, compared to analysts' expectations of $202.18 million. During the same quarter in the previous year, the firm posted $0.57 EPS. The firm's quarterly revenue was up 18.6% on a year-over-year basis. Sell-side analysts anticipate that Towne Bank will post 2.6 earnings per share for the current year.

Analyst Ratings Changes

TOWN has been the topic of a number of research analyst reports. Wall Street Zen upgraded Towne Bank from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Hovde Group lifted their target price 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 analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price 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.