Towne Bank $TOWN Holdings Trimmed by Brandywine Global Investment Management LLC

Brandywine Global Investment Management LLC reduced its position in shares of Towne Bank (NASDAQ:TOWN) by 3.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,552 shares of the bank’s stock after selling 2,050 shares during the period. Brandywine Global Investment Management LLC owned approximately 0.07% of Towne Bank worth $1,728,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of TOWN. Envestnet Asset Management Inc. grew its stake in shares of Towne Bank by 12.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 38,930 shares of the bank’s stock worth $1,331,000 after purchasing an additional 4,206 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Towne Bank during the first quarter valued at approximately $388,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Towne Bank by 14.9% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,383 shares of the bank’s stock valued at $492,000 after purchasing an additional 1,861 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in Towne Bank by 4.4% during the first quarter. Mackenzie Financial Corp now owns 19,656 shares of the bank’s stock worth $672,000 after buying an additional 820 shares in the last quarter. Finally, US Bancorp DE boosted its holdings in Towne Bank by 28.1% during the first quarter. US Bancorp DE now owns 27,249 shares of the bank’s stock worth $932,000 after buying an additional 5,983 shares in the last quarter. 55.99% of the stock is owned by institutional investors and hedge funds.

Towne Bank Price Performance

Shares of NASDAQ:TOWN opened at $32.87 on Tuesday. The company’s fifty day moving average is $33.69 and its two-hundred day moving average is $34.68. The company has a market cap of $2.47 billion, a P/E ratio of 14.67 and a beta of 0.87. Towne Bank has a 12-month low of $29.43 and a 12-month high of $38.28. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.01.

Towne Bank (NASDAQ:TOWN) last issued its earnings results on Wednesday, October 22nd. The bank reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.08. The company had revenue of $215.67 million for the quarter, compared to the consensus estimate of $222.28 million. Towne Bank had a return on equity of 9.86% and a net margin of 15.69%.During the same quarter in the prior year, the company earned $0.58 EPS. Equities analysts expect 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. Stockholders of record on Monday, September 29th were paid a $0.27 dividend. The ex-dividend date of this dividend was Monday, September 29th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.3%. Towne Bank’s dividend payout ratio is 48.21%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on TOWN shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Towne Bank in a research report on Wednesday, October 8th. Wall Street Zen raised Towne Bank from a “sell” rating to a “hold” rating in a research report on Sunday, October 26th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Towne Bank currently has a consensus rating of “Moderate Buy” and an average target price of $41.00.

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.