Dimensional Fund Advisors LP Increases Holdings in Towne Bank $TOWN

Dimensional Fund Advisors LP lifted its holdings in shares of Towne Bank (NASDAQ:TOWN) by 1.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,322,602 shares of the bank’s stock after purchasing an additional 53,467 shares during the period. Dimensional Fund Advisors LP owned about 5.76% of Towne Bank worth $149,433,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its position in Towne Bank by 931.5% during the second quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank’s stock valued at $26,000 after buying an additional 680 shares during the period. Richardson Financial Services Inc. raised its position 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 during the period. Quantbot Technologies LP purchased a new position in Towne Bank in the second quarter valued at about $30,000. Atlantic Union Bankshares Corp purchased a new position in Towne Bank in the third quarter valued at about $35,000. Finally, Global Retirement Partners LLC grew its position in shares of Towne Bank by 44.1% during the 3rd quarter. Global Retirement Partners LLC now owns 1,104 shares of the bank’s stock valued at $38,000 after acquiring an additional 338 shares during the period. 55.99% of the stock is owned by hedge funds and other institutional investors.

Towne Bank Trading Up 1.0%

Shares of Towne Bank stock opened at $33.56 on Wednesday. The stock has a market capitalization of $2.65 billion, a P/E ratio of 15.25 and a beta of 0.75. Towne Bank has a 52-week low of $29.43 and a 52-week high of $37.86. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.86 and a current ratio of 0.87. The stock’s 50-day simple moving average is $35.21 and its 200 day simple moving average is $34.66.

Towne Bank (NASDAQ:TOWN) last issued its 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 business had revenue of $221.09 million for the quarter, compared to the consensus estimate of $225.43 million. Towne Bank had a return on equity of 10.11% and a net margin of 15.12%.Towne Bank’s revenue for the quarter was up 25.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.55 EPS. As a group, research analysts anticipate that Towne Bank will post 2.6 EPS for the current year.

Towne Bank Announces Dividend

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

Analysts Set New Price Targets

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