Vanguard Group Inc. Purchases 443,345 Shares of Towne Bank $TOWN

Key Points

• Vanguard Group Inc. increased its stake in Towne Bank by 5.8% in the fourth quarter, buying 443,345 additional shares and lifting its holdings to 8.08 million shares worth about $269.7 million.
• Towne Bank reported Q1 earnings of $0.74 per share, matching analyst expectations, though revenue of $247.62 million came in below estimates. The bank still posted 34.6% year-over-year revenue growth.
• The company declared a $0.70 per share dividend payable on May 20, and analysts currently have a mixed view on the stock, with a consensus rating of Hold and a target price of $39.50.

Vanguard Group Inc. boosted its stake in shares of Towne Bank (NASDAQ:TOWN - Free Report) by 5.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,082,514 shares of the bank's stock after buying an additional 443,345 shares during the period. Vanguard Group Inc. owned 10.78% of Towne Bank worth $269,713,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its holdings in shares of Towne Bank by 931.5% during 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. lifted its holdings in shares of Towne Bank by 150.3% during the 3rd quarter. Richardson Financial Services Inc. now owns 816 shares of the bank's stock valued at $28,000 after purchasing an additional 490 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of Towne Bank during the 2nd quarter valued at $30,000. Atlantic Union Bankshares Corp acquired a new position in shares of Towne Bank in the 3rd quarter valued at $35,000. Finally, Global Retirement Partners LLC increased its position in shares of Towne Bank by 44.1% in the 3rd quarter. Global Retirement Partners LLC now owns 1,104 shares of the bank's stock valued at $38,000 after acquiring an additional 338 shares during the period. Hedge funds and other institutional investors own 55.99% of the company's stock.

Towne Bank Price Performance

NASDAQ:TOWN opened at $34.99 on Friday. Towne Bank has a 52 week low of $31.91 and a 52 week high of $37.86. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $2.76 billion, a PE ratio of 17.67 and a beta of 0.72. The stock's 50-day moving average price is $34.36 and its 200-day moving average price is $34.42.

Towne Bank (NASDAQ:TOWN - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The bank reported $0.74 EPS for the quarter, meeting analysts' consensus estimates of $0.74. Towne Bank had a return on equity of 10.48% and a net margin of 13.51%.The firm had revenue of $247.62 million for the quarter, compared to analysts' expectations of $274.02 million. During the same period last year, the firm earned $0.68 EPS. The company's quarterly revenue was up 34.6% on a year-over-year basis. As a group, equities analysts expect that Towne Bank will post 3.15 EPS for the current fiscal year.

Towne Bank Announces Dividend

The business also recently declared a dividend, which will be paid on Wednesday, May 20th. Investors of record on Monday, May 4th will be given a dividend of $0.70 per share. The ex-dividend date is Monday, May 4th. Towne Bank's dividend payout ratio is 54.55%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on TOWN shares. Hovde Group cut their target price on Towne Bank from $42.00 to $41.00 and set an "outperform" rating on the stock in a research report on Monday, April 27th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $38.00 target price (down from $42.00) on shares of Towne Bank in a research report on Wednesday. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Towne Bank in a research report on Wednesday, January 21st. Finally, Zacks Research downgraded Towne Bank from a "hold" rating to a "strong sell" rating in a research report on Monday, May 4th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $39.50.

Towne Bank Profile

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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