Mackenzie Financial Corp Increases Position in Towne Bank (NASDAQ:TOWN)

Mackenzie Financial Corp boosted its holdings in shares of Towne Bank (NASDAQ:TOWN) by 4.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,656 shares of the bank’s stock after acquiring an additional 820 shares during the period. Mackenzie Financial Corp’s holdings in Towne Bank were worth $672,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Abound Financial LLC purchased a new stake in Towne Bank during the 1st quarter valued at about $27,000. Sterling Capital Management LLC grew its stake in 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 acquiring an additional 1,971 shares in the last quarter. Federated Hermes Inc. purchased a new stake in Towne Bank during the 4th quarter valued at about $82,000. 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. Finally, 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. Hedge funds and other institutional investors own 55.99% of the company’s stock.

Towne Bank Price Performance

NASDAQ TOWN opened at $35.36 on Thursday. The firm’s fifty day moving average price is $34.76 and its 200 day moving average price is $34.52. The company has a market capitalization of $2.65 billion, a price-to-earnings ratio of 15.37 and a beta of 0.84. Towne Bank has a 12 month low of $29.43 and a 12 month high of $38.28.

Towne Bank (NASDAQ:TOWN) last issued its 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. The business had revenue of $207.44 million for the quarter, compared to the consensus estimate of $202.18 million. Towne Bank had a net margin of 16.49% and a return on equity of 9.05%. The business’s quarterly revenue was up 18.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.57 earnings per share. As a group, sell-side analysts forecast that Towne Bank will post 2.6 earnings per share for the current year.

Towne Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were given a dividend of $0.27 per share. The ex-dividend date was Friday, June 27th. This is an increase from Towne Bank’s previous quarterly dividend of $0.25. This represents a $1.08 dividend on an annualized basis and a yield of 3.1%. Towne Bank’s dividend payout ratio (DPR) is presently 46.96%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on TOWN shares. Hovde Group boosted their target price on shares of Towne Bank from $39.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, July 24th. Wall Street Zen upgraded shares of Towne Bank from a “sell” rating to a “hold” rating in a report on Sunday.

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.