Systematic Financial Management LP Acquires Shares of 124,547 Towne Bank $TOWN

Systematic Financial Management LP bought a new position in Towne Bank (NASDAQ:TOWN) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 124,547 shares of the bank’s stock, valued at approximately $4,194,000. Systematic Financial Management LP owned about 0.16% of Towne Bank at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its stake in shares of Towne Bank by 931.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank’s stock worth $26,000 after acquiring an additional 680 shares during the period. Abound Financial LLC purchased a new stake in Towne Bank in the 4th quarter worth about $27,000. Quantbot Technologies LP purchased a new stake in Towne Bank in the 2nd quarter worth about $30,000. Los Angeles Capital Management LLC bought a new stake in Towne Bank in the 4th quarter valued at about $42,000. Finally, CrossGen Wealth LLC bought a new stake in Towne Bank in the 4th quarter valued at about $53,000. 55.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TOWN. Hovde Group cut their target price on shares of Towne Bank from $42.00 to $41.00 and set an “outperform” rating for the company in a research report on Monday, April 27th. Weiss Ratings raised shares of Towne Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, July 16th. Zacks Research raised shares of Towne Bank from a “strong sell” rating to a “hold” rating in a research report on Monday, June 29th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $38.00 price target (down from $42.00) on shares of Towne Bank in a research note on Wednesday, May 6th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Towne Bank currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.50.

Towne Bank Price Performance

Shares of NASDAQ TOWN opened at $36.65 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.88 and a current ratio of 0.89. Towne Bank has a fifty-two week low of $31.91 and a fifty-two week high of $37.86. The stock has a market cap of $2.89 billion, a PE ratio of 10.29 and a beta of 0.69. The stock has a fifty day moving average of $35.27 and a 200-day moving average of $35.01.

Towne Bank (NASDAQ:TOWN) last issued its quarterly earnings data on Thursday, July 23rd. The bank reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01). The company had revenue of $245.72 million for the quarter, compared to analysts’ expectations of $245.33 million. Towne Bank had a return on equity of 9.99% and a net margin of 25.64%. Equities research analysts anticipate that Towne Bank will post 3.12 earnings per share for the current year.

Towne Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Friday, June 26th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Friday, June 26th. This is a boost from Towne Bank’s previous quarterly dividend of $0.27. Towne Bank’s payout ratio is presently 31.46%.

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.