Vanguard Group Inc. Sells 86,089 Shares of Towne Bank $TOWN

Key Points

• Vanguard Group Inc. has reduced its stake in Towne Bank (NASDAQ:TOWN) by 1.2% during the first quarter, now holding approximately 9.86% of the company with a value of around $252.87 million.
• Several institutional investors, including Summit Investment Advisors and Nisa Investment Advisors, have increased their positions in Towne Bank, indicating ongoing investor interest.
• Towne Bank reported an earnings per share (EPS) of $0.81 for the last quarter, exceeding analysts' estimates, with overall revenue up 18.6% compared to the previous year.

Vanguard Group Inc. decreased its stake in shares of Towne Bank (NASDAQ:TOWN - Free Report) by 1.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,396,082 shares of the bank's stock after selling 86,089 shares during the period. Vanguard Group Inc. owned about 9.86% of Towne Bank worth $252,872,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Wellington Management Group LLP bought a new position in shares of Towne Bank during the fourth quarter worth about $22,894,000. Victory Capital Management Inc. boosted its position in Towne Bank by 19.9% during the 1st quarter. Victory Capital Management Inc. now owns 2,584,688 shares of the bank's stock worth $88,370,000 after acquiring an additional 429,487 shares during the period. Raymond James Financial Inc. bought a new position in shares of Towne Bank in the fourth quarter worth $14,122,000. FJ Capital Management LLC bought a new stake in shares of Towne Bank during the fourth quarter valued at about $9,908,000. Finally, Millennium Management LLC lifted its holdings in Towne Bank by 1,265.5% in the fourth quarter. Millennium Management LLC now owns 243,773 shares of the bank's stock worth $8,303,000 after purchasing an additional 225,921 shares during the period. Institutional investors and hedge funds own 55.99% of the company's stock.

Towne Bank Stock Up 4.6%

NASDAQ TOWN traded up $1.6170 during midday trading on Friday, hitting $37.1170. The company had a trading volume of 375,906 shares, compared to its average volume of 259,990. The firm has a fifty day simple moving average of $35.17 and a two-hundred day simple moving average of $34.58. Towne Bank has a fifty-two week low of $29.43 and a fifty-two week high of $38.28. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of 16.09 and a beta of 0.84.

Towne Bank (NASDAQ:TOWN - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The bank reported $0.81 earnings per share (EPS) for the quarter, beating 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 company had revenue of $207.44 million during the quarter, compared to analysts' expectations of $202.18 million. During the same quarter in the previous year, the company posted $0.57 earnings per share. Towne Bank's quarterly revenue was up 18.6% compared to the same quarter last year. As a group, equities analysts predict that Towne Bank will post 2.6 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have commented on TOWN. Hovde Group boosted their price target 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 Towne Bank from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus 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.