Swiss National Bank Has $4.71 Million Position in Towne Bank $TOWN

Swiss National Bank lessened its position in Towne Bank (NASDAQ:TOWN) by 6.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 137,715 shares of the bank’s stock after selling 9,400 shares during the quarter. Swiss National Bank owned approximately 0.18% of Towne Bank worth $4,708,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the business. Summit Investment Advisors Inc. grew its position in Towne Bank by 5.4% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,354 shares of the bank’s stock valued at $250,000 after acquiring an additional 376 shares during the last quarter. SummerHaven Investment Management LLC lifted its position in shares of Towne Bank by 1.4% during the first quarter. SummerHaven Investment Management LLC now owns 28,200 shares of the bank’s stock valued at $964,000 after purchasing an additional 402 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Towne Bank by 0.3% in the 4th quarter. Invesco Ltd. now owns 167,173 shares of the bank’s stock worth $5,694,000 after buying an additional 430 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Towne Bank by 6.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 10,342 shares of the bank’s stock worth $352,000 after purchasing an additional 589 shares during the period. Finally, Nisa Investment Advisors LLC lifted its stake in Towne Bank by 32.6% in the first quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the bank’s stock valued at $98,000 after purchasing an additional 700 shares during the last quarter. Institutional investors and hedge funds own 55.99% of the company’s stock.

Towne Bank Stock Performance

TOWN opened at $35.40 on Wednesday. The stock has a market capitalization of $2.66 billion, a PE ratio of 15.39 and a beta of 0.84. The stock’s 50 day moving average price is $35.12 and its 200-day moving average price is $34.57. Towne Bank has a 52-week low of $29.43 and a 52-week high of $38.28.

Towne Bank (NASDAQ:TOWN) last issued its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.81 EPS for the quarter, topping the consensus estimate of $0.69 by $0.12. The business had revenue of $207.44 million during the quarter, compared to analyst estimates of $202.18 million. Towne Bank had a net margin of 16.49% and a return on equity of 9.05%. The company’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.57 EPS. Research analysts forecast that Towne Bank will post 2.6 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Hovde Group raised their price objective on shares of 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 upgraded shares of 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 given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.67.

About Towne Bank

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.