SG Americas Securities LLC Reduces Position in Towne Bank $TOWN

SG Americas Securities LLC lessened its holdings in shares of Towne Bank (NASDAQ:TOWN) by 37.4% in the first quarter, Holdings Channel.com reports. The firm owned 25,955 shares of the bank’s stock after selling 15,482 shares during the period. SG Americas Securities LLC’s holdings in Towne Bank were worth $874,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of the business. EverSource Wealth Advisors LLC raised its position in shares of 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 purchasing an additional 680 shares during the period. Abound Financial LLC bought a new position in Towne Bank in the 4th quarter worth approximately $27,000. Quantbot Technologies LP bought a new position in Towne Bank in the 2nd quarter worth approximately $30,000. Los Angeles Capital Management LLC purchased a new position in Towne Bank in the 4th quarter valued at approximately $42,000. Finally, CrossGen Wealth LLC purchased a new position in Towne Bank in the 4th quarter valued at approximately $53,000. Hedge funds and other institutional investors own 55.99% of the company’s stock.

Towne Bank Price Performance

Shares of NASDAQ TOWN opened at $36.45 on Monday. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.07. The business has a 50-day moving average of $34.89 and a 200-day moving average of $34.82. The firm has a market capitalization of $2.88 billion, a price-to-earnings ratio of 18.41 and a beta of 0.69. Towne Bank has a 12 month low of $31.91 and a 12 month high of $37.86.

Towne Bank (NASDAQ:TOWN) last announced its earnings results on Wednesday, April 22nd. The bank reported $0.74 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.74. Towne Bank had a net margin of 13.51% and a return on equity of 9.91%. The business had revenue of $247.62 million for the quarter, compared to the consensus estimate of $274.02 million. During the same period last year, the firm posted $0.68 earnings per share. Towne Bank’s quarterly revenue was up 34.6% on a year-over-year basis. Sell-side analysts expect that Towne Bank will post 3.12 earnings per share for the current fiscal year.

Towne Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Friday, June 26th will be given a dividend of $0.28 per share. This is an increase from Towne Bank’s previous quarterly dividend of $0.27. The ex-dividend date is Friday, June 26th. This represents a $1.12 annualized dividend and a dividend yield of 3.1%. Towne Bank’s dividend payout ratio is 56.57%.

Analyst Ratings Changes

Several research firms have issued reports on TOWN. Hovde Group dropped their target price on Towne Bank from $42.00 to $41.00 and set an “outperform” rating on the stock in a research report on Monday, April 27th. Zacks Research upgraded Towne Bank from a “strong sell” rating to a “hold” rating in a research note on Monday, June 29th. Weiss Ratings downgraded Towne Bank from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $38.00 price target (down from $42.00) on shares of Towne Bank in a research report on Wednesday, May 6th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $39.50.

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.