Swiss National Bank Sells 9,400 Shares of Towne Bank $TOWN

Key Points

• The Swiss National Bank reduced its position in Towne Bank by 6.4%, resulting in ownership of 137,715 shares valued at approximately $4.71 million.
• Towne Bank reported a quarterly earnings per share (EPS) of $0.81, surpassing the consensus estimate of $0.69, with revenues of $207.44 million, an 18.6% year-over-year increase.
• Market analysts have a consensus rating of "Moderate Buy" for Towne Bank, with a price target of $40.67, reflecting positive sentiment towards the stock.

Swiss National Bank reduced its stake in Towne Bank (NASDAQ:TOWN - Free Report) by 6.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 137,715 shares of the bank's stock after selling 9,400 shares during the period. Swiss National Bank owned 0.18% of Towne Bank worth $4,708,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in TOWN. Abound Financial LLC bought a new position in shares of Towne Bank in the 1st quarter worth $27,000. Sterling Capital Management LLC grew its stake in Towne Bank by 807.8% in the fourth quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank's stock valued at $75,000 after acquiring an additional 1,971 shares during the period. Nisa Investment Advisors LLC grew its stake in Towne Bank by 32.6% in the first quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the bank's stock valued at $98,000 after acquiring an additional 700 shares during the period. GAMMA Investing LLC grew its stake in Towne Bank by 2,332.2% in the first quarter. GAMMA Investing LLC now owns 3,624 shares of the bank's stock valued at $124,000 after acquiring an additional 3,475 shares during the period. Finally, Bessemer Group Inc. grew its stake in Towne Bank by 137.0% in the first quarter. Bessemer Group Inc. now owns 5,121 shares of the bank's stock valued at $175,000 after acquiring an additional 2,960 shares during the period. 55.99% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Towne Bank Trading Up 4.8%

Shares of Towne Bank stock traded up $1.70 during trading on Friday, reaching $37.20. The stock had a trading volume of 644,953 shares, compared to its average volume of 282,935. The company has a market capitalization of $2.79 billion, a price-to-earnings ratio of 16.17 and a beta of 0.84. The stock has a fifty day moving average price of $35.25 and a two-hundred day moving average price of $34.57. Towne Bank has a 52 week low of $29.43 and a 52 week high of $38.28.

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

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.