Voya Investment Management LLC Has $674,000 Position in Towne Bank $TOWN

Voya Investment Management LLC decreased its position in shares of Towne Bank (NASDAQ:TOWN) by 8.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,716 shares of the bank’s stock after selling 1,902 shares during the period. Voya Investment Management LLC’s holdings in Towne Bank were worth $674,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in TOWN. Abound Financial LLC acquired a new stake in shares of Towne Bank in the 1st quarter valued at $27,000. Summit Securities Group LLC bought a new stake in shares of Towne Bank during the 1st quarter worth $28,000. Nisa Investment Advisors LLC boosted its stake in Towne Bank by 32.6% in the first quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the bank’s stock valued at $98,000 after buying an additional 700 shares in the last quarter. GAMMA Investing LLC grew its position in Towne Bank by 2,332.2% in the first quarter. GAMMA Investing LLC now owns 3,624 shares of the bank’s stock valued at $124,000 after acquiring an additional 3,475 shares during the last quarter. Finally, Bessemer Group Inc. raised its stake in Towne Bank by 137.0% during the first quarter. Bessemer Group Inc. now owns 5,121 shares of the bank’s stock worth $175,000 after acquiring an additional 2,960 shares in the last quarter. 55.99% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TOWN. Hovde Group raised their price target on shares of Towne Bank from $39.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, July 24th. Wall Street Zen raised shares of Towne Bank from a “sell” rating to a “hold” rating in a research note on Sunday, August 3rd. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $40.67.

Towne Bank Stock Down 0.7%

Shares of NASDAQ:TOWN opened at $35.49 on Friday. The business has a fifty day simple moving average of $35.96 and a 200 day simple moving average of $34.55. Towne Bank has a 12-month low of $29.43 and a 12-month high of $38.28. The firm has a market cap of $2.66 billion, a P/E ratio of 15.43 and a beta of 0.87. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.01.

Towne Bank (NASDAQ:TOWN) last posted its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. The company had revenue of $207.44 million for the quarter, compared to analyst estimates of $202.18 million. Towne Bank had a return on equity of 8.99% and a net margin of 16.49%.The firm’s quarterly revenue was up 18.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.57 earnings per share. Analysts predict that Towne Bank will post 2.6 earnings per share for the current year.

Towne Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Monday, September 29th will be given a $0.27 dividend. The ex-dividend date of this dividend is Monday, September 29th. This represents a $1.08 annualized dividend and a dividend yield of 3.0%. Towne Bank’s dividend payout ratio (DPR) is 46.96%.

Towne Bank Profile

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.