Towne Bank $TOWN Shares Bought by Sei Investments Co.

Sei Investments Co. lifted its stake in shares of Towne Bank (NASDAQ:TOWN) by 88.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 172,751 shares of the bank’s stock after acquiring an additional 81,158 shares during the period. Sei Investments Co. owned 0.22% of Towne Bank worth $5,817,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its stake in Towne Bank by 931.5% during the second quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank’s stock worth $26,000 after purchasing an additional 680 shares during the period. Abound Financial LLC purchased a new stake in shares of Towne Bank in the 4th quarter valued at approximately $27,000. Quantbot Technologies LP acquired a new stake in shares of Towne Bank during the 2nd quarter worth approximately $30,000. Los Angeles Capital Management LLC acquired a new stake in shares of Towne Bank during the 4th quarter worth approximately $42,000. Finally, CrossGen Wealth LLC purchased a new stake in shares of Towne Bank during the 4th quarter valued at approximately $53,000. Hedge funds and other institutional investors own 55.99% of the company’s stock.

Wall Street Analyst Weigh In

TOWN has been the topic of a number of recent analyst reports. Hovde Group decreased their price objective on Towne Bank from $42.00 to $41.00 and set an “outperform” rating on the stock in a report on Monday, April 27th. Weiss Ratings raised Towne Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, July 16th. Keefe, Bruyette & Woods restated 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, May 6th. Finally, Zacks Research raised Towne Bank from a “strong sell” rating to a “hold” rating in a research note on Monday, June 29th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $39.50.

Towne Bank Price Performance

Towne Bank stock opened at $38.63 on Wednesday. The company’s 50 day simple moving average is $35.81 and its 200-day simple moving average is $35.21. The company has a market capitalization of $3.05 billion, a price-to-earnings ratio of 10.85 and a beta of 0.69. Towne Bank has a 1 year low of $31.91 and a 1 year high of $39.03. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.88 and a current ratio of 0.89.

Towne Bank (NASDAQ:TOWN) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01). Towne Bank had a return on equity of 9.99% and a net margin of 25.64%.The firm had revenue of $245.72 million for the quarter, compared to analyst estimates of $245.33 million. As a group, equities research analysts expect that Towne Bank will post 3.09 earnings per share for the current year.

Towne Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Friday, June 26th were issued a $0.28 dividend. The ex-dividend date was Friday, June 26th. This represents a $1.12 annualized dividend and a dividend yield of 2.9%. This is a boost from Towne Bank’s previous quarterly dividend of $0.27. Towne Bank’s dividend payout ratio (DPR) is presently 31.46%.

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.