Integrated Wealth Concepts LLC Reduces Holdings in Towne Bank $TOWN

Integrated Wealth Concepts LLC lessened its position in shares of Towne Bank (NASDAQ:TOWN) by 1.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,587 shares of the bank’s stock after selling 336 shares during the period. Integrated Wealth Concepts LLC’s holdings in Towne Bank were worth $670,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in TOWN. Wellington Management Group LLP purchased a new stake in Towne Bank during the fourth quarter valued at about $22,894,000. Nuveen LLC purchased a new stake in shares of Towne Bank during the 1st quarter valued at approximately $15,584,000. Victory Capital Management Inc. lifted its stake in shares of Towne Bank by 19.9% during the 1st quarter. Victory Capital Management Inc. now owns 2,584,688 shares of the bank’s stock valued at $88,370,000 after buying an additional 429,487 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Towne Bank by 1,265.5% during the 4th quarter. Millennium Management LLC now owns 243,773 shares of the bank’s stock valued at $8,303,000 after buying an additional 225,921 shares in the last quarter. Finally, Clark Capital Management Group Inc. purchased a new stake in shares of Towne Bank during the 1st quarter valued at approximately $5,151,000. 55.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TOWN has been the topic of several recent research reports. Hovde Group increased their target price on Towne Bank from $39.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, July 24th. Wall Street Zen upgraded Towne Bank from a “sell” rating to a “hold” rating in a research report on Sunday, August 3rd. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Towne Bank presently has a consensus rating of “Moderate Buy” and an average price target of $40.67.

Towne Bank Trading Down 0.9%

Shares of TOWN stock opened at $35.89 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.85 and a current ratio of 0.87. Towne Bank has a 52-week low of $29.43 and a 52-week high of $38.28. The company has a market capitalization of $2.69 billion, a PE ratio of 15.60 and a beta of 0.87. The business’s fifty day moving average is $35.96 and its 200 day moving average is $34.55.

Towne Bank (NASDAQ:TOWN) last released its quarterly 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. Towne Bank had a return on equity of 8.99% and a net margin of 16.49%.The firm had revenue of $207.44 million for the quarter, compared to analysts’ expectations of $202.18 million. During the same quarter last year, the firm posted $0.57 EPS. The company’s revenue was up 18.6% compared to the same quarter last year. On average, equities research analysts anticipate that Towne Bank will post 2.6 EPS for the current fiscal year.

Towne Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Monday, September 29th will be paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Monday, September 29th. Towne Bank’s dividend payout ratio (DPR) is currently 46.96%.

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.