Towne Bank $TOWN Shares Bought by T. Rowe Price Investment Management Inc.

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. raised its position in Towne Bank (NASDAQ:TOWN - Free Report) by 1.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,393,296 shares of the bank's stock after purchasing an additional 48,623 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 5.86% of Towne Bank worth $150,207,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Abound Financial LLC acquired a new position in shares of Towne Bank during the first quarter valued at approximately $27,000. Summit Securities Group LLC acquired a new position in shares of Towne Bank during the first quarter valued at approximately $28,000. Sterling Capital Management LLC increased its stake 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 valued at $75,000 after acquiring an additional 1,971 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of Towne Bank by 32.6% during 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 increased its stake in shares of Towne Bank by 2,332.2% during 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. Institutional investors and hedge funds own 55.99% of the company's stock.

Towne Bank Stock Performance

Shares of NASDAQ:TOWN opened at $35.50 on Friday. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of 15.43 and a beta of 0.84. Towne Bank has a 1-year low of $29.43 and a 1-year high of $38.28. The company has a 50 day moving average price of $35.17 and a 200 day moving average price of $34.58.

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

Analyst Ratings Changes

TOWN has been the topic of a number of research analyst reports. Wall Street Zen upgraded shares of Towne Bank from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Hovde Group raised 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, July 24th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $40.67.

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.

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