SG Americas Securities LLC Acquires Shares of 15,368 Towne Bank (NASDAQ:TOWN)

SG Americas Securities LLC acquired a new stake in Towne Bank (NASDAQ:TOWN - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 15,368 shares of the bank's stock, valued at approximately $525,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Picton Mahoney Asset Management acquired a new stake in Towne Bank during the fourth quarter worth about $28,000. Blue Trust Inc. increased its stake in Towne Bank by 258.5% during the fourth quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock worth $47,000 after acquiring an additional 1,034 shares during the last quarter. Sterling Capital Management LLC increased its stake in Towne Bank by 807.8% during the fourth quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank's stock worth $75,000 after acquiring an additional 1,971 shares during the last quarter. Federated Hermes Inc. acquired a new stake in Towne Bank during the fourth quarter worth about $82,000. Finally, GAMMA Investing LLC increased its stake in Towne Bank by 2,332.2% during the first quarter. GAMMA Investing LLC now owns 3,624 shares of the bank's stock worth $124,000 after acquiring an additional 3,475 shares during the last quarter. Hedge funds and other institutional investors own 55.99% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Wall Street Zen upgraded Towne Bank from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Hovde Group upped their target price on Towne Bank from $38.00 to $39.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th.

Towne Bank Price Performance

TOWN traded up $0.20 on Tuesday, reaching $34.13. The company's stock had a trading volume of 248,028 shares, compared to its average volume of 258,962. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of 14.46 and a beta of 0.82. Towne Bank has a 1 year low of $26.17 and a 1 year high of $38.28. The business's 50 day moving average is $33.69 and its 200 day moving average is $34.33.

Towne Bank (NASDAQ:TOWN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.68 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.07. The firm had revenue of $190.04 million during the quarter, compared to the consensus estimate of $191.29 million. Towne Bank had a return on equity of 8.27% and a net margin of 17.15%. Towne Bank's revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.48 earnings per share. As a group, research analysts forecast that Towne Bank will post 2.6 earnings per share for the current fiscal year.

Towne Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a $0.27 dividend. The ex-dividend date is Friday, June 27th. This represents a $1.08 dividend on an annualized basis and a yield of 3.16%. This is an increase from Towne Bank's previous quarterly dividend of $0.25. Towne Bank's dividend payout ratio is currently 42.37%.

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.