Three Magnolias Financial Advisors LLC Acquires New Holdings in Towne Bank $TOWN

Three Magnolias Financial Advisors LLC bought a new stake in Towne Bank (NASDAQ:TOWN) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 28,190 shares of the bank’s stock, valued at approximately $1,005,000.

Several other large investors also recently added to or reduced their stakes in TOWN. Dimensional Fund Advisors LP grew its position in Towne Bank by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 4,399,012 shares of the bank’s stock worth $148,114,000 after acquiring an additional 59,267 shares in the last quarter. Patriot Financial Partners GP II L.P. bought a new position in shares of Towne Bank during the 1st quarter valued at $51,116,000. Janus Henderson Group PLC raised its holdings in shares of Towne Bank by 86.0% during the 1st quarter. Janus Henderson Group PLC now owns 1,314,373 shares of the bank’s stock valued at $44,255,000 after purchasing an additional 607,768 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Towne Bank during the 2nd quarter valued at $19,429,000. Finally, Bank of America Corp DE lifted its stake in shares of Towne Bank by 32.5% in the 1st quarter. Bank of America Corp DE now owns 511,823 shares of the bank’s stock valued at $17,233,000 after purchasing an additional 125,670 shares during the last quarter. 55.99% of the stock is owned by institutional investors.

Towne Bank Stock Performance

TOWN traded down $0.10 on Wednesday, hitting $34.82. The company had a trading volume of 168,777 shares, compared to its average volume of 555,284. The stock has a market cap of $2.75 billion, a price-to-earnings ratio of 9.78 and a beta of 0.71. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.90 and a quick ratio of 0.88. The company’s fifty day moving average price is $36.85 and its 200 day moving average price is $35.87. Towne Bank has a 1-year low of $31.91 and a 1-year high of $39.03.

Towne Bank (NASDAQ:TOWN) last announced its earnings results on Thursday, July 23rd. The bank reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01). Towne Bank had a return on equity of 9.60% and a net margin of 25.64%. The company had revenue of $245.72 million for the quarter, compared to the consensus estimate of $245.33 million. Equities analysts predict that Towne Bank will post 3.13 earnings per share for the current fiscal year.

Towne Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Friday, September 25th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Friday, September 25th. Towne Bank’s payout ratio is presently 31.46%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Weiss Ratings cut shares of Towne Bank from a “buy (a-)” rating to a “buy (b+)” rating in a report on Friday, October 2nd. Zacks Research raised shares of Towne Bank from a “strong sell” rating to a “hold” rating in a research report on Monday, June 29th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Towne Bank presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.50.

About Towne Bank

TowneBank is a community-focused financial services company headquartered in Portsmouth, Virginia. Through its banking subsidiary, TowneBank provides deposit accounts, consumer and commercial lending, mortgage services, treasury management, online and mobile banking, and other financial products to individuals, families, businesses, and nonprofit organizations.

The company also operates complementary businesses serving the needs of its banking customers, including wealth management, insurance, and real estate services.