Royce & Associates LP Buys 37,989 Shares of Towne Bank (NASDAQ:TOWN)

Key Points

• Royce & Associates LP increased its stake in Towne Bank by 7.1% in the first quarter, owning 576,042 shares valued at approximately $19.70 million.
• Towne Bank's quarterly earnings beat estimates with earnings per share of $0.81, up from $0.57 a year ago, showing an 18.6% revenue increase year-over-year.
• The bank recently declared a dividend increase to $0.27 per share, with a current yield of 3.03% and a payout ratio of 46.96%.

Royce & Associates LP increased its position in shares of Towne Bank (NASDAQ:TOWN - Free Report) by 7.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 576,042 shares of the bank's stock after buying an additional 37,989 shares during the period. Royce & Associates LP owned 0.77% of Towne Bank worth $19,695,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Summit Investment Advisors Inc. raised its stake in Towne Bank by 5.4% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,354 shares of the bank's stock valued at $250,000 after purchasing an additional 376 shares during the last quarter. SummerHaven Investment Management LLC raised its stake in shares of Towne Bank by 1.4% in the 1st quarter. SummerHaven Investment Management LLC now owns 28,200 shares of the bank's stock valued at $964,000 after buying an additional 402 shares in the last quarter. Invesco Ltd. raised its stake in shares of Towne Bank by 0.3% in the 4th quarter. Invesco Ltd. now owns 167,173 shares of the bank's stock valued at $5,694,000 after buying an additional 430 shares in the last quarter. Cerity Partners LLC raised its stake in shares of Towne Bank by 0.4% in the 4th quarter. Cerity Partners LLC now owns 109,607 shares of the bank's stock valued at $3,733,000 after buying an additional 463 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Towne Bank by 6.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 10,342 shares of the bank's stock valued at $352,000 after buying an additional 589 shares in the last quarter. 55.99% of the stock is currently owned by institutional investors and hedge funds.

Towne Bank Price Performance

Shares of TOWN traded up $0.15 during trading hours on Monday, hitting $35.76. The stock had a trading volume of 59,615 shares, compared to its average volume of 254,613. The company's fifty day moving average is $34.66 and its two-hundred day moving average is $34.43. Towne Bank has a 52 week low of $29.43 and a 52 week high of $38.28. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of 15.55 and a beta of 0.80.

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

Towne Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were issued a dividend of $0.27 per share. The ex-dividend date was Friday, June 27th. This represents a $1.08 dividend on an annualized basis and a yield of 3.02%. This is a positive change from Towne Bank's previous quarterly dividend of $0.25. Towne Bank's dividend payout ratio is currently 46.96%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TOWN. Hovde Group increased their price objective on shares of Towne Bank from $39.00 to $41.00 and gave the company an "outperform" rating in a research note on Thursday. Wall Street Zen cut shares of Towne Bank from a "hold" rating to a "sell" rating in a research note on Saturday.

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.