Rhumbline Advisers Sells 5,319 Shares of Towne Bank $TOWN

Rhumbline Advisers trimmed its position in shares of Towne Bank (NASDAQ:TOWN) by 4.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 122,036 shares of the bank’s stock after selling 5,319 shares during the quarter. Rhumbline Advisers owned 0.16% of Towne Bank worth $4,172,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Abound Financial LLC bought a new position in shares of Towne Bank during the 1st quarter valued at $27,000. Summit Securities Group LLC bought a new position in shares of Towne Bank during the 1st quarter valued at $28,000. Nisa Investment Advisors LLC lifted its holdings in shares of 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 buying an additional 700 shares during the period. GAMMA Investing LLC lifted its holdings in shares of 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 buying an additional 3,475 shares during the period. Finally, Bessemer Group Inc. lifted its holdings in shares of Towne Bank by 137.0% during the 1st quarter. Bessemer Group Inc. now owns 5,121 shares of the bank’s stock valued at $175,000 after buying an additional 2,960 shares during the period. 55.99% of the stock is owned by institutional investors.

Towne Bank Price Performance

Shares of Towne Bank stock opened at $35.89 on Monday. Towne Bank has a one year low of $29.43 and a one year high of $38.28. The stock’s fifty day moving average is $35.96 and its 200 day moving average is $34.52. The stock has a market cap of $2.69 billion, a P/E ratio of 15.60 and a beta of 0.87. 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 (NASDAQ:TOWN) last issued its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. Towne Bank had a return on equity of 8.99% and a net margin of 16.49%.The business had revenue of $207.44 million during the quarter, compared to analyst estimates of $202.18 million. During the same quarter in the prior year, the business posted $0.57 EPS. Towne Bank’s revenue for the quarter was up 18.6% compared to the same quarter last year. Sell-side analysts anticipate that Towne Bank will post 2.6 earnings per share for the current year.

Towne Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders 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 is Monday, September 29th. Towne Bank’s dividend payout ratio is presently 46.96%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Hovde Group increased their price target on 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 raised Towne Bank from a “sell” rating to a “hold” rating in a report on Sunday, August 3rd. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $40.67.

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.