Seizert Capital Partners LLC Buys New Position in Towne Bank $TOWN

Key Points

• Seizert Capital Partners opened a new stake of 60,265 Towne Bank shares worth about $2.01 million (roughly 0.08% ownership), while institutional investors hold about 55.99% of the stock.
• Towne Bank declared a $0.70 per-share dividend (ex-dividend date May 4, payable May 20), with a payout ratio of 54.55%.
• Analysts hold a "Moderate Buy" consensus with an average price target of $41.00 (two Buys, one Hold); the most recent quarter showed EPS of $0.74 in line with estimates, but revenue of $247.6M missed the $274.0M consensus.

Seizert Capital Partners LLC bought a new position in shares of Towne Bank (NASDAQ:TOWN - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 60,265 shares of the bank's stock, valued at approximately $2,011,000. Seizert Capital Partners LLC owned 0.08% of Towne Bank at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings in shares of Towne Bank by 931.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank's stock worth $26,000 after buying an additional 680 shares in the last quarter. Richardson Financial Services Inc. increased its stake in shares of Towne Bank by 150.3% in the 3rd quarter. Richardson Financial Services Inc. now owns 816 shares of the bank's stock valued at $28,000 after acquiring an additional 490 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Towne Bank during the 2nd quarter valued at $30,000. Atlantic Union Bankshares Corp acquired a new position in shares of Towne Bank during the 3rd quarter valued at $35,000. Finally, Global Retirement Partners LLC boosted its stake in Towne Bank by 44.1% during the third quarter. Global Retirement Partners LLC now owns 1,104 shares of the bank's stock worth $38,000 after acquiring an additional 338 shares in the last quarter. 55.99% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TOWN has been the subject of several research analyst reports. Zacks Research raised shares of Towne Bank from a "strong sell" rating to a "hold" rating in a research note on Friday, April 3rd. Weiss Ratings reiterated a "buy (b-)" rating on shares of Towne Bank in a report on Wednesday, January 21st. Finally, Hovde Group reduced their price objective on Towne Bank from $42.00 to $41.00 and set an "outperform" rating for the company in a research note on Monday, April 27th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Towne Bank has an average rating of "Moderate Buy" and a consensus price target of $41.00.

Towne Bank Price Performance

Towne Bank stock opened at $35.73 on Monday. Towne Bank has a 1-year low of $31.91 and a 1-year high of $37.86. The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of 18.05 and a beta of 0.72. The firm's fifty day moving average price is $34.37 and its two-hundred day moving average price is $34.39. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.02.

Towne Bank (NASDAQ:TOWN - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The bank reported $0.74 EPS for the quarter, hitting the consensus estimate of $0.74. Towne Bank had a net margin of 13.51% and a return on equity of 10.48%. The company had revenue of $247.62 million during the quarter, compared to the consensus estimate of $274.02 million. During the same period in the previous year, the firm posted $0.68 earnings per share. The firm's revenue for the quarter was up 34.6% on a year-over-year basis. On average, equities research analysts predict that Towne Bank will post 3.15 earnings per share for the current fiscal year.

Towne Bank Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Wednesday, May 20th. Shareholders of record on Monday, May 4th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Monday, May 4th. Towne Bank's payout ratio is currently 54.55%.

About Towne Bank

TowneBank is a Virginia‐based financial services company organized as a bank holding company. Its primary subsidiary, TowneBank, operates a network of community banking offices and mortgage production facilities. The company offers a comprehensive range of commercial and consumer banking solutions, including deposit accounts, lending products, treasury management, and private banking services tailored to individuals, small businesses, and middle‐market corporations.

In addition to traditional banking, TowneBank provides specialty services through affiliated subsidiaries.

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