Peak Planning Group LLC Makes New Investment in Towne Bank $TOWN

Peak Planning Group LLC bought a new position in shares of Towne Bank (NASDAQ:TOWN) during the 4th quarter, Holdings Channel.com reports. The fund bought 38,596 shares of the bank’s stock, valued at approximately $1,288,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TOWN. AQR Capital Management LLC increased its position in Towne Bank by 32.3% during the 1st quarter. AQR Capital Management LLC now owns 34,996 shares of the bank’s stock worth $1,197,000 after purchasing an additional 8,538 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Towne Bank by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,837 shares of the bank’s stock worth $1,430,000 after purchasing an additional 1,837 shares during the period. Millennium Management LLC increased its position in Towne Bank by 56.6% during the 1st quarter. Millennium Management LLC now owns 381,761 shares of the bank’s stock worth $13,052,000 after purchasing an additional 137,988 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Towne Bank by 4.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 157,713 shares of the bank’s stock worth $5,392,000 after purchasing an additional 7,115 shares during the period. Finally, Jane Street Group LLC increased its position in Towne Bank by 1,220.9% during the 1st quarter. Jane Street Group LLC now owns 157,411 shares of the bank’s stock worth $5,382,000 after purchasing an additional 145,494 shares during the period. Institutional investors and hedge funds own 55.99% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $38.00 target price (down from $42.00) on shares of Towne Bank in a research report on Wednesday, May 6th. Hovde Group lowered their price target on Towne Bank from $42.00 to $41.00 and set an “outperform” rating on the stock in a report on Monday, April 27th. Zacks Research cut Towne Bank from a “hold” rating to a “strong sell” rating in a report on Monday, May 4th. Finally, Weiss Ratings cut Towne Bank from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 13th. 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 company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $39.50.

Towne Bank Stock Performance

TOWN opened at $35.67 on Friday. The stock has a market cap of $2.82 billion, a P/E ratio of 18.02 and a beta of 0.70. 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’s 50 day simple moving average is $34.77 and its 200 day simple moving average is $34.66. Towne Bank has a 1-year low of $31.91 and a 1-year high of $37.86.

Towne Bank (NASDAQ:TOWN) last released 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 analysts’ expectations of $274.02 million. Towne Bank had a return on equity of 9.91% and a net margin of 13.51%.The company’s revenue was up 34.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.68 EPS. As a group, equities analysts anticipate that Towne Bank will post 3.15 EPS for the current fiscal year.

Towne Bank Increases Dividend

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

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.