Towne Bank $TOWN Shares Purchased by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. increased its stake in Towne Bank by 22% in Q3, buying 59,770 shares to hold 330,937 shares (about 0.44% of the company) valued at $11.44 million.
• Towne Bank reported Q3 EPS of $0.70 (missed by $0.01) and revenue of $221.09 million, up 25.3% year-over-year, with analysts forecasting $2.60 EPS for the current year.
• The bank announced a quarterly dividend of $0.27 per share (annualized $1.08) implying a ~3.3% yield, with an ex-dividend/record date of March 31 and payment on April 10.

JPMorgan Chase & Co. increased its position in shares of Towne Bank (NASDAQ:TOWN - Free Report) by 22.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 330,937 shares of the bank's stock after purchasing an additional 59,770 shares during the period. JPMorgan Chase & Co. owned 0.44% of Towne Bank worth $11,441,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its holdings in Towne Bank by 931.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank's stock valued at $26,000 after purchasing an additional 680 shares during the last quarter. Richardson Financial Services Inc. grew its stake in shares of Towne Bank by 150.3% in the 3rd quarter. Richardson Financial Services Inc. now owns 816 shares of the bank's stock valued at $28,000 after buying an additional 490 shares during the period. Quantbot Technologies LP acquired a new stake in shares of Towne Bank during the 2nd quarter worth approximately $30,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Towne Bank during the 3rd quarter valued at approximately $35,000. Finally, Global Retirement Partners LLC raised its position in shares of Towne Bank by 44.1% during the 3rd quarter. Global Retirement Partners LLC now owns 1,104 shares of the bank's stock valued at $38,000 after buying an additional 338 shares during the period. 55.99% of the stock is owned by hedge funds and other institutional investors.

Towne Bank Stock Performance

Shares of Towne Bank stock opened at $33.16 on Friday. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of 15.07 and a beta of 0.75. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.87 and a quick ratio of 0.86. The business has a 50-day moving average of $34.89 and a 200 day moving average of $34.36. Towne Bank has a 12 month low of $29.43 and a 12 month high of $37.86.

Towne Bank (NASDAQ:TOWN - Get Free Report) last issued its quarterly earnings results on Friday, January 30th. The bank reported $0.70 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.71 by ($0.01). The business had revenue of $221.09 million for the quarter, compared to analysts' expectations of $225.43 million. Towne Bank had a return on equity of 9.95% and a net margin of 15.12%.The firm's revenue for the quarter was up 25.3% on a year-over-year basis. During the same quarter last year, the company earned $0.55 earnings per share. As a group, sell-side analysts forecast that Towne Bank will post 2.6 earnings per share for the current year.

Towne Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, March 31st. Towne Bank's dividend payout ratio is presently 49.09%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on TOWN. Zacks Research lowered Towne Bank from a "hold" rating to a "strong sell" rating in a research report on Monday, February 2nd. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Towne Bank in a research note on Wednesday, January 21st. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $41.00.

About Towne Bank

TowneBank is a Virginia‐based financial services company organized as a bank holding company. Its primary subsidiary, TowneBank, operates a network of community banking offices and mortgage production facilities. The company offers a comprehensive range of commercial and consumer banking solutions, including deposit accounts, lending products, treasury management, and private banking services tailored to individuals, small businesses, and middle‐market corporations.

In addition to traditional banking, TowneBank provides specialty services through affiliated subsidiaries.

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