Nisa Investment Advisors LLC Buys 700 Shares of Towne Bank (NASDAQ:TOWN)

Nisa Investment Advisors LLC boosted its stake in shares of Towne Bank (NASDAQ:TOWN) by 32.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,850 shares of the bank’s stock after purchasing an additional 700 shares during the period. Nisa Investment Advisors LLC’s holdings in Towne Bank were worth $98,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Abound Financial LLC bought a new stake in Towne Bank during the first quarter valued at about $27,000. Sterling Capital Management LLC raised its position in shares of Towne Bank by 807.8% during the 4th quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank’s stock valued at $75,000 after buying an additional 1,971 shares in the last quarter. Federated Hermes Inc. bought a new position in shares of Towne Bank in the 4th quarter valued at about $82,000. GAMMA Investing LLC lifted its holdings in shares of Towne Bank by 2,332.2% in 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 during the last quarter. Finally, Bessemer Group Inc. grew its position in Towne Bank by 137.0% in the first quarter. Bessemer Group Inc. now owns 5,121 shares of the bank’s stock worth $175,000 after acquiring an additional 2,960 shares in the last quarter. Institutional investors own 55.99% of the company’s stock.

Towne Bank Stock Performance

Shares of NASDAQ TOWN opened at $35.93 on Friday. Towne Bank has a fifty-two week low of $29.43 and a fifty-two week high of $38.28. The company has a market cap of $2.69 billion, a price-to-earnings ratio of 15.22 and a beta of 0.80. The business’s 50 day moving average price is $34.58 and its 200-day moving average price is $34.34.

Towne Bank (NASDAQ:TOWN) last released its earnings results on Wednesday, April 23rd. The bank reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. The business had revenue of $190.04 million for the quarter, compared to analyst estimates of $191.29 million. Towne Bank had a return on equity of 8.27% and a net margin of 17.15%. The business’s revenue was up 14.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.48 earnings per share. Sell-side analysts predict that Towne Bank will post 2.6 earnings per share for the current year.

Towne Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were issued a dividend of $0.27 per share. This is a positive change from Towne Bank’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Friday, June 27th. This represents a $1.08 dividend on an annualized basis and a yield of 3.01%. Towne Bank’s dividend payout ratio (DPR) is presently 45.76%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on TOWN shares. Wall Street Zen upgraded Towne Bank from a “sell” rating to a “hold” rating in a research report on Friday, May 30th. Hovde Group boosted their target price on Towne Bank from $38.00 to $39.00 and gave the company an “outperform” rating in a research report on Monday, April 28th.

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.