Boothbay Fund Management LLC Has $5.44 Million Position in Towne Bank $TOWN

Boothbay Fund Management LLC grew its position in Towne Bank (NASDAQ:TOWN) by 147.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 157,289 shares of the bank’s stock after acquiring an additional 93,673 shares during the period. Boothbay Fund Management LLC owned about 0.21% of Towne Bank worth $5,437,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. OLD Point Trust & Financial Services N A grew its holdings in Towne Bank by 1,020.2% during the third quarter. OLD Point Trust & Financial Services N A now owns 205,116 shares of the bank’s stock worth $7,091,000 after purchasing an additional 186,805 shares during the period. Kanawha Capital Management LLC bought a new stake in Towne Bank in the third quarter valued at approximately $1,068,000. Osaic Holdings Inc. raised its stake in Towne Bank by 617.1% in the second quarter. Osaic Holdings Inc. now owns 70,831 shares of the bank’s stock valued at $2,421,000 after buying an additional 60,953 shares during the period. Arbor Investment Advisors LLC acquired a new stake in shares of Towne Bank in the third quarter valued at approximately $604,000. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in shares of Towne Bank in the second quarter valued at approximately $362,000. 55.99% of the stock is currently owned by institutional investors and hedge funds.

Towne Bank Stock Performance

TOWN opened at $32.99 on Monday. The business has a fifty day simple moving average of $35.19 and a 200 day simple moving average of $34.58. The company has a market capitalization of $2.60 billion, a PE ratio of 15.00 and a beta of 0.75. Towne Bank has a 1 year low of $29.43 and a 1 year high of $37.86. 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 (NASDAQ:TOWN) last issued its quarterly earnings data on Friday, January 30th. The bank reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). Towne Bank had a net margin of 15.12% and a return on equity of 10.11%. The firm had revenue of $221.09 million during the quarter, compared to analyst estimates of $225.43 million. During the same period in the prior year, the company earned $0.55 earnings per share. The business’s quarterly revenue was up 25.3% compared to the same quarter last year. Research analysts expect that Towne Bank will post 2.6 EPS for the current year.

Towne Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be paid a $0.27 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $1.08 annualized dividend and a dividend yield of 3.3%. Towne Bank’s dividend payout ratio is 49.09%.

Analysts Set New Price Targets

TOWN has been the topic of a number of recent analyst reports. Zacks Research lowered Towne Bank from a “hold” rating to a “strong sell” rating in a report on Monday, February 2nd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Towne Bank in a report on Wednesday, January 21st. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Towne Bank presently has a consensus rating of “Hold” and an average price target of $41.00.

About Towne Bank

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.