Novare Capital Management LLC Acquires New Stake in Towne Bank $TOWN

Novare Capital Management LLC bought a new position in shares of Towne Bank (NASDAQ:TOWN) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 36,500 shares of the bank’s stock, valued at approximately $1,229,000.

A number of other institutional investors have also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC increased its stake 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 buying an additional 680 shares during the period. Abound Financial LLC bought a new position in shares of Towne Bank during the fourth quarter worth about $27,000. Quantbot Technologies LP acquired a new position in shares of Towne Bank in the second quarter worth approximately $30,000. Los Angeles Capital Management LLC acquired a new position in shares of Towne Bank in the fourth quarter worth approximately $42,000. Finally, CrossGen Wealth LLC bought a new stake in Towne Bank in the fourth quarter valued at approximately $53,000. Institutional investors own 55.99% of the company’s stock.

Towne Bank Price Performance

TOWN stock opened at $35.00 on Tuesday. Towne Bank has a 1 year low of $31.91 and a 1 year high of $37.86. The stock has a market capitalization of $2.76 billion, a PE ratio of 17.68 and a beta of 0.70. The company’s 50-day moving average is $34.80 and its 200-day moving average is $34.72. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.89 and a quick ratio of 0.88.

Towne Bank (NASDAQ:TOWN) last posted its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.74 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.74. The business had revenue of $247.62 million for the quarter, compared to the consensus estimate of $274.02 million. Towne Bank had a return on equity of 9.91% and a net margin of 13.51%.The firm’s revenue for the quarter was up 34.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.68 EPS. Equities research analysts expect that Towne Bank will post 3.15 EPS for the current fiscal year.

Towne Bank Increases Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Friday, June 26th. This is a positive change from Towne Bank’s previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.2%. Towne Bank’s payout ratio is currently 54.55%.

Wall Street Analysts Forecast Growth

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

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.