Live Oak Private Wealth LLC Purchases New Shares in Towne Bank $TOWN

Live Oak Private Wealth LLC acquired a new stake in Towne Bank (NASDAQ:TOWN) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 19,327 shares of the bank’s stock, valued at approximately $651,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. &PARTNERS increased its stake in shares of Towne Bank by 3.2% in the fourth quarter. &PARTNERS now owns 10,428 shares of the bank’s stock valued at $348,000 after buying an additional 319 shares in the last quarter. Arizona State Retirement System lifted its position in Towne Bank by 1.8% during the 4th quarter. Arizona State Retirement System now owns 21,410 shares of the bank’s stock worth $714,000 after buying an additional 382 shares in the last quarter. California State Teachers Retirement System lifted its position in Towne Bank by 0.7% during the 2nd quarter. California State Teachers Retirement System now owns 68,857 shares of the bank’s stock worth $2,354,000 after buying an additional 503 shares in the last quarter. Comerica Bank grew its holdings in Towne Bank by 32.4% during the 4th quarter. Comerica Bank now owns 2,219 shares of the bank’s stock worth $74,000 after acquiring an additional 543 shares during the last quarter. Finally, 1620 Investment Advisors Inc. grew its holdings in Towne Bank by 18.6% during the 4th quarter. 1620 Investment Advisors Inc. now owns 3,596 shares of the bank’s stock worth $120,000 after acquiring an additional 564 shares during the last quarter. Institutional investors and hedge funds own 55.99% of the company’s stock.

Towne Bank Stock Up 1.2%

Shares of NASDAQ:TOWN opened at $35.98 on Thursday. Towne Bank has a one year low of $31.91 and a one year high of $37.86. The company has a 50 day moving average of $34.80 and a 200-day moving average of $34.75. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.89 and a quick ratio of 0.88. The stock has a market cap of $2.84 billion, a price-to-earnings ratio of 18.17 and a beta of 0.70.

Towne Bank (NASDAQ:TOWN) last announced its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.74 earnings per share for the quarter, meeting the consensus estimate 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 analyst estimates of $274.02 million. During the same period in the prior year, the business posted $0.68 earnings per share. Towne Bank’s revenue was up 34.6% compared to the same quarter last year. On average, sell-side analysts forecast that Towne Bank will post 3.15 earnings per share for the current year.

Towne Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Friday, June 26th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Friday, June 26th. This is a positive change from Towne Bank’s previous quarterly dividend of $0.27. Towne Bank’s dividend payout ratio is presently 54.55%.

Analysts Set New Price Targets

Several research firms have weighed in on TOWN. Weiss Ratings cut shares of Towne Bank from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 13th. Zacks Research cut shares of Towne Bank from a “hold” rating to a “strong sell” rating in a research note on Monday, May 4th. Hovde Group decreased their price target on shares of Towne Bank from $42.00 to $41.00 and set an “outperform” rating on the stock in a research note on Monday, April 27th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $38.00 price target (down from $42.00) on shares of Towne Bank in a report on Wednesday, May 6th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $39.50.

Towne Bank 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.