Citigroup Inc. Has $2.56 Million Stock Holdings in Towne Bank $TOWN

Citigroup Inc. decreased its holdings in shares of Towne Bank (NASDAQ:TOWN) by 25.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,904 shares of the bank’s stock after selling 25,130 shares during the period. Citigroup Inc. owned 0.10% of Towne Bank worth $2,555,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in TOWN. AMG National Trust Bank grew its stake in shares of Towne Bank by 0.6% in the 3rd quarter. AMG National Trust Bank now owns 51,733 shares of the bank’s stock valued at $1,788,000 after buying an additional 327 shares during the period. Global Retirement Partners LLC raised its stake in Towne Bank by 44.1% during the 3rd quarter. Global Retirement Partners LLC now owns 1,104 shares of the bank’s stock worth $38,000 after buying an additional 338 shares during the period. Richardson Financial Services Inc. boosted its holdings in Towne Bank by 150.3% in the third quarter. Richardson Financial Services Inc. now owns 816 shares of the bank’s stock worth $28,000 after acquiring an additional 490 shares in the last quarter. California State Teachers Retirement System boosted its holdings in Towne Bank by 0.7% in the second quarter. California State Teachers Retirement System now owns 68,857 shares of the bank’s stock worth $2,354,000 after acquiring an additional 503 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in Towne Bank by 931.5% in the second quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank’s stock valued at $26,000 after acquiring an additional 680 shares during the period. Institutional investors and hedge funds own 55.99% of the company’s stock.

Towne Bank Stock Performance

NASDAQ TOWN opened at $33.31 on Friday. The company has a fifty day moving average price of $35.22 and a 200-day moving average price of $34.71. The firm has a market cap of $2.63 billion, a price-to-earnings ratio of 15.14 and a beta of 0.75. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.87 and a quick ratio of 0.86. Towne Bank has a 1 year low of $29.43 and a 1 year high of $37.86.

Towne Bank (NASDAQ:TOWN) last released its quarterly earnings results on Friday, January 30th. The bank reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). The firm had revenue of $221.09 million for the quarter, compared to the consensus estimate of $225.43 million. Towne Bank had a net margin of 15.12% and a return on equity of 10.11%. The firm’s revenue for the quarter was up 25.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.55 earnings per share. As a group, equities research analysts predict that Towne Bank will post 2.6 EPS for the current fiscal year.

Towne Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, March 31st. Towne Bank’s dividend payout ratio is 49.09%.

Analysts Set New Price Targets

Several analysts recently issued reports on TOWN shares. Weiss Ratings reissued a “buy (b-)” rating on shares of Towne Bank in a research report on Wednesday, January 21st. Zacks Research downgraded shares of Towne Bank from a “hold” rating to a “strong sell” rating in a report on Monday, February 2nd. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $41.00.

Towne Bank Company Profile

TowneBank is a Virginia‐based financial services company organized as a bank holding company. Its primary subsidiary, TowneBank, operates a network of community banking offices and mortgage production facilities. The company offers a comprehensive range of commercial and consumer banking solutions, including deposit accounts, lending products, treasury management, and private banking services tailored to individuals, small businesses, and middle‐market corporations.

In addition to traditional banking, TowneBank provides specialty services through affiliated subsidiaries.