Panagora Asset Management Inc. Buys 41,785 Shares of Towne Bank $TOWN

Panagora Asset Management Inc. raised its stake in shares of Towne Bank (NASDAQ:TOWN) by 42.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 140,791 shares of the bank’s stock after buying an additional 41,785 shares during the period. Panagora Asset Management Inc. owned 0.19% of Towne Bank worth $4,814,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of TOWN. Tower Research Capital LLC TRC raised its holdings in Towne Bank by 107.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 5,619 shares of the bank’s stock valued at $191,000 after buying an additional 2,908 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Towne Bank by 6.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 75,107 shares of the bank’s stock valued at $2,559,000 after buying an additional 4,489 shares in the last quarter. Northern Trust Corp raised its holdings in Towne Bank by 5.3% during the fourth quarter. Northern Trust Corp now owns 688,871 shares of the bank’s stock valued at $23,463,000 after buying an additional 34,591 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in Towne Bank by 0.6% during the fourth quarter. Ameriprise Financial Inc. now owns 518,050 shares of the bank’s stock valued at $17,645,000 after buying an additional 3,311 shares in the last quarter. Finally, Balyasny Asset Management L.P. grew its position in shares of Towne Bank by 201.0% in the fourth quarter. Balyasny Asset Management L.P. now owns 62,130 shares of the bank’s stock valued at $2,116,000 after purchasing an additional 41,490 shares during the last quarter. 55.99% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

TOWN has been the topic of several research analyst reports. Hovde Group raised their price target on Towne Bank from $39.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, July 24th. Wall Street Zen raised Towne Bank from a “sell” rating to a “hold” rating in a research report on Sunday, August 3rd. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $40.67.

Towne Bank Stock Down 0.1%

TOWN stock opened at $36.69 on Tuesday. Towne Bank has a twelve month low of $29.43 and a twelve month high of $38.28. The company has a market cap of $2.75 billion, a PE ratio of 15.95 and a beta of 0.87. The business’s 50-day simple moving average is $35.71 and its 200 day simple moving average is $34.55. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.01.

Towne Bank (NASDAQ:TOWN) last released 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. Towne Bank had a return on equity of 8.99% and a net margin of 16.49%.The business had revenue of $207.44 million for the quarter, compared to the consensus estimate of $202.18 million. During the same period last year, the business earned $0.57 earnings per share. The firm’s revenue for the quarter was up 18.6% compared to the same quarter last year. On average, research analysts anticipate that Towne Bank will post 2.6 earnings per share for the current year.

Towne Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Monday, September 29th will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $1.08 dividend on an annualized basis and a yield of 2.9%. Towne Bank’s dividend payout ratio (DPR) is 46.96%.

Towne Bank Company 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.