15,368 Shares in Towne Bank (NASDAQ:TOWN) Purchased by SG Americas Securities LLC

SG Americas Securities LLC acquired a new stake in Towne Bank (NASDAQ:TOWN - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 15,368 shares of the bank's stock, valued at approximately $525,000.

Several other large investors have also bought and sold shares of the business. Wellington Management Group LLP bought a new position in shares of Towne Bank in the 4th quarter worth $22,894,000. Raymond James Financial Inc. bought a new stake in Towne Bank in the fourth quarter valued at approximately $14,122,000. FJ Capital Management LLC acquired a new stake in Towne Bank in the fourth quarter worth $9,908,000. Millennium Management LLC raised its holdings in Towne Bank by 1,265.5% in 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 during the period. Finally, T. Rowe Price Investment Management Inc. boosted 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 currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on TOWN shares. Wall Street Zen upgraded Towne Bank from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Hovde Group raised their price target 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

Shares of TOWN traded up $0.63 during mid-day trading on Thursday, hitting $34.44. 316,388 shares of the company's stock were exchanged, compared to its average volume of 259,169. The company has a market cap of $2.58 billion, a PE ratio of 14.59 and a beta of 0.82. Towne Bank has a 52 week low of $26.59 and a 52 week high of $38.28. The company has a 50-day simple moving average of $33.79 and a 200 day simple moving average of $34.31.

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

Towne Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a dividend of $0.27 per share. This is a positive change from Towne Bank's previous quarterly dividend of $0.25. This represents a $1.08 annualized dividend and a yield of 3.14%. The ex-dividend date is Friday, June 27th. Towne Bank's dividend payout ratio is 42.37%.

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.