KLP Kapitalforvaltning AS Has $520,000 Stock Position in Towne Bank $TOWN

KLP Kapitalforvaltning AS raised its stake in shares of Towne Bank (NASDAQ:TOWN) by 11.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,100 shares of the bank’s stock after purchasing an additional 1,600 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Towne Bank were worth $520,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Abound Financial LLC acquired a new position in shares of Towne Bank in the 1st quarter worth approximately $27,000. Summit Securities Group LLC acquired a new position in Towne Bank during the 1st quarter worth $28,000. Nisa Investment Advisors LLC lifted its holdings in Towne Bank by 32.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the bank’s stock worth $98,000 after buying an additional 700 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Towne Bank by 2,332.2% during the 1st quarter. GAMMA Investing LLC now owns 3,624 shares of the bank’s stock worth $124,000 after buying an additional 3,475 shares in the last quarter. Finally, Bessemer Group Inc. raised its position 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 acquiring an additional 2,960 shares during the last quarter. 55.99% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Hovde Group upped their target price 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. Weiss Ratings restated a “buy (b-)” rating on shares of Towne Bank in a research report on Wednesday, October 8th. Finally, Wall Street Zen cut shares of Towne Bank from a “hold” rating to a “sell” rating in a research report on Saturday. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Towne Bank has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Towne Bank Price Performance

Shares of NASDAQ TOWN opened at $33.76 on Friday. Towne Bank has a fifty-two week low of $29.43 and a fifty-two week high of $38.28. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of 14.68 and a beta of 0.84. The business has a 50-day moving average of $35.49 and a 200-day moving average of $34.48. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.87 and a quick ratio of 0.85.

Towne Bank (NASDAQ:TOWN) last issued its earnings results on Wednesday, July 23rd. The bank reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.12. Towne Bank had a net margin of 16.49% and a return on equity of 8.99%. The business had revenue of $207.44 million during the quarter, compared to the consensus estimate of $202.18 million. During the same period last year, the business posted $0.57 EPS. Towne Bank’s revenue was up 18.6% on a year-over-year basis. As a group, sell-side analysts predict that Towne Bank will post 2.6 earnings per share for the current fiscal year.

Towne Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Monday, September 29th were issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Monday, September 29th. Towne Bank’s dividend payout ratio 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.