T. Rowe Price Investment Management Inc. Has $150.21 Million Holdings in Towne Bank $TOWN

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Towne Bank by 1.1%, now holding approximately 4.39 million shares valued at about $150 million.
• Towne Bank's stock performance shows a market capitalization of $2.66 billion and a price-to-earnings ratio of 15.43, with a current share price of $35.50.
• Recent earnings reported a net margin of 16.49% and earnings per share of $0.81, exceeding analysts’ expectations, along with a revenue growth of 18.6% compared to the previous year.

T. Rowe Price Investment Management Inc. increased its holdings in Towne Bank (NASDAQ:TOWN - Free Report) by 1.1% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 4,393,296 shares of the bank's stock after acquiring an additional 48,623 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 5.86% of Towne Bank worth $150,207,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Abound Financial LLC purchased a new position in shares of Towne Bank during the 1st quarter worth approximately $27,000. Summit Securities Group LLC purchased a new position in Towne Bank in the first quarter valued at about $28,000. Sterling Capital Management LLC increased its position in shares of 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. Nisa Investment Advisors LLC boosted 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. Finally, GAMMA Investing LLC raised its holdings 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 purchasing an additional 3,475 shares in the last quarter. 55.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on TOWN shares. Hovde Group boosted their target price on shares of Towne Bank from $39.00 to $41.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Wall Street Zen upgraded shares of Towne Bank from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Towne Bank has an average rating of "Moderate Buy" and a consensus price target of $40.67.

Towne Bank Stock Performance

TOWN stock traded down $0.01 during trading on Wednesday, reaching $36.88. 70,150 shares of the company traded hands, compared to its average volume of 261,165. Towne Bank has a 12 month low of $29.43 and a 12 month high of $38.28. The company has a market capitalization of $2.77 billion, a price-to-earnings ratio of 16.06 and a beta of 0.84. The business has a 50 day simple moving average of $35.42 and a 200 day simple moving average of $34.56.

Towne Bank (NASDAQ:TOWN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.12. Towne Bank had a return on equity of 9.05% and a net margin of 16.49%.The business had revenue of $207.44 million during the quarter, compared to analysts' expectations of $202.18 million. During the same quarter last year, the business posted $0.57 EPS. The business's quarterly revenue was up 18.6% compared to the same quarter last year. As a group, research analysts forecast that Towne Bank will post 2.6 EPS for the current year.

Towne Bank 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.