Wellington Management Group LLP Cuts Stake in Towne Bank $TOWN

Key Points

• Wellington Management Group LLP reduced its stake in Towne Bank by 2.6%, now holding approximately 654,365 shares valued at $22.37 million.
• In the first quarter, several other institutional investors increased their holdings, with Nisa Investment Advisors LLC growing its position by 32.6% and GAMMA Investing LLC by an impressive 2,332.2%.
• Towne Bank reported a quarterly earnings per share of $0.81, exceeding expectations, along with an 18.6% year-over-year revenue growth.

Wellington Management Group LLP lowered its stake in shares of Towne Bank (NASDAQ:TOWN - Free Report) by 2.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 654,365 shares of the bank's stock after selling 17,805 shares during the period. Wellington Management Group LLP owned about 0.87% of Towne Bank worth $22,373,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of TOWN. Abound Financial LLC purchased a new stake in shares of Towne Bank during the first quarter worth about $27,000. Summit Securities Group LLC purchased a new stake in Towne Bank during the 1st quarter valued at about $28,000. Nisa Investment Advisors LLC grew its stake in Towne Bank by 32.6% during the 1st 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 in the last quarter. GAMMA Investing LLC grew its stake in Towne Bank by 2,332.2% during the 1st 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 in the last quarter. Finally, Bessemer Group Inc. grew its stake in Towne Bank by 137.0% during the 1st quarter. Bessemer Group Inc. now owns 5,121 shares of the bank's stock valued at $175,000 after acquiring an additional 2,960 shares in the last quarter. Hedge funds and other institutional investors own 55.99% of the company's stock.

Towne Bank Price Performance

Towne Bank stock opened at $36.73 on Tuesday. The firm has a 50 day simple moving average of $35.33 and a 200-day simple moving average of $34.55. Towne Bank has a 1-year low of $29.43 and a 1-year high of $38.28. The stock has a market cap of $2.75 billion, a price-to-earnings ratio of 15.97 and a beta of 0.84.

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Hovde Group upped 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. Wall Street Zen raised shares of Towne Bank from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Towne Bank has an average rating of "Moderate Buy" and an average price target of $40.67.

About Towne Bank

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.