Towne Bank $TOWN Shares Bought by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its holdings in Towne Bank by 12.9%, owning a total of 204,488 shares worth approximately $6.99 million as of its latest SEC filing.
• Several institutional investors have significantly increased their stakes in Towne Bank, with 55.99% of the stock currently owned by institutional investors.
• Analysts have a consensus rating of "Moderate Buy" for Towne Bank, with a current price target of $40.67.

Russell Investments Group Ltd. increased its stake in shares of Towne Bank (NASDAQ:TOWN - Free Report) by 12.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 204,488 shares of the bank's stock after purchasing an additional 23,327 shares during the quarter. Russell Investments Group Ltd. owned 0.27% of Towne Bank worth $6,991,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Abound Financial LLC bought a new position in Towne Bank in the 1st quarter valued at $27,000. Sterling Capital Management LLC grew its position in shares of Towne Bank by 807.8% during the 4th quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank's stock worth $75,000 after buying an additional 1,971 shares in the last quarter. Nisa Investment Advisors LLC grew its position 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 worth $98,000 after buying an additional 700 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Towne Bank by 2,332.2% during the 1st quarter. GAMMA Investing LLC now owns 3,624 shares of the bank's stock worth $124,000 after buying an additional 3,475 shares in the last quarter. Finally, Bessemer Group Inc. lifted its stake in shares of Towne Bank by 137.0% during the 1st quarter. Bessemer Group Inc. now owns 5,121 shares of the bank's stock worth $175,000 after purchasing an additional 2,960 shares during the last quarter. Institutional investors own 55.99% of the company's stock.

Towne Bank Stock Performance

NASDAQ TOWN traded down $0.0150 during trading on Tuesday, reaching $36.7150. 41,759 shares of the company's stock were exchanged, compared to its average volume of 260,092. Towne Bank has a 1 year low of $29.43 and a 1 year high of $38.28. The stock has a market cap of $2.75 billion, a P/E ratio of 15.95 and a beta of 0.84. The company has a 50 day moving average price of $35.33 and a two-hundred day moving average price of $34.55.

Towne Bank (NASDAQ:TOWN - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.81 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.12. Towne Bank had a return on equity of 9.05% and a net margin of 16.49%.The business had revenue of $207.44 million for the quarter, compared to analysts' expectations of $202.18 million. During the same quarter in the prior year, the firm posted $0.57 EPS. The company's revenue was up 18.6% compared to the same quarter last year. Research analysts forecast that Towne Bank will post 2.6 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on TOWN shares. Wall Street Zen upgraded Towne Bank from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Hovde Group raised their price objective on Towne Bank from $39.00 to $41.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $40.67.

About Towne Bank

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.