Swiss National Bank Trims Stock Position in 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 lessened its position in shares of Towne Bank (NASDAQ:TOWN - Free Report) by 6.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 137,715 shares of the bank's stock after selling 9,400 shares during the quarter. Swiss National Bank owned about 0.18% of Towne Bank worth $4,708,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Abound Financial LLC purchased a new stake in shares of Towne Bank during the 1st quarter valued at approximately $27,000. Sterling Capital Management LLC raised 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 valued at $75,000 after buying an additional 1,971 shares during the period. Nisa Investment Advisors LLC raised 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 valued at $98,000 after buying an additional 700 shares during the period. GAMMA Investing LLC raised 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 valued at $124,000 after buying an additional 3,475 shares during the period. Finally, Bessemer Group Inc. increased its holdings in Towne Bank by 137.0% in the 1st quarter. Bessemer Group Inc. now owns 5,121 shares of the bank's stock valued at $175,000 after purchasing an additional 2,960 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 research firms recently weighed in on TOWN. Wall Street Zen upgraded shares of Towne Bank from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Hovde Group lifted their target price on shares of Towne Bank from $39.00 to $41.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $40.67.

Towne Bank Stock Performance

Shares of NASDAQ:TOWN traded down $0.47 during trading on Monday, hitting $36.73. The company's stock had a trading volume of 235,445 shares, compared to its average volume of 301,690. The business has a 50 day moving average price of $35.33 and a two-hundred day moving average price of $34.55. The company has a market capitalization of $2.75 billion, a PE ratio of 15.97 and a beta of 0.84. Towne Bank has a fifty-two week low of $29.43 and a fifty-two week high of $38.28.

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

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.