UBS Group AG Has $7.23 Million Stock Position in Towne Bank $TOWN

UBS Group AG lifted its holdings in shares of Towne Bank (NASDAQ:TOWN) by 36.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 216,702 shares of the bank’s stock after acquiring an additional 58,357 shares during the quarter. UBS Group AG owned approximately 0.29% of Towne Bank worth $7,231,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. AMG National Trust Bank boosted its stake in shares of Towne Bank by 0.6% during the 3rd quarter. AMG National Trust Bank now owns 51,733 shares of the bank’s stock worth $1,788,000 after acquiring an additional 327 shares during the period. Arizona State Retirement System boosted its stake in shares of 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 acquiring an additional 382 shares during the period. California State Teachers Retirement System boosted its stake in shares of 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 acquiring an additional 503 shares during the period. EverSource Wealth Advisors LLC boosted 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. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in shares of Towne Bank by 8.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 10,916 shares of the bank’s stock worth $372,000 after acquiring an additional 818 shares during the period. 55.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Weiss Ratings downgraded Towne Bank from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th. 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 note on Wednesday, May 6th. Zacks Research downgraded Towne Bank from a “hold” rating to a “strong sell” rating in a research note on Monday, May 4th. Finally, Hovde Group reduced their target price on Towne Bank from $42.00 to $41.00 and set an “outperform” rating for the company in a research note on Monday, April 27th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $39.50.

Towne Bank Stock Performance

TOWN opened at $34.23 on Tuesday. The business has a fifty day simple moving average of $34.33 and a 200 day simple moving average of $34.46. The company has a market capitalization of $2.70 billion, a PE ratio of 17.29 and a beta of 0.72. Towne Bank has a 1 year low of $31.91 and a 1 year high of $37.86. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.87 and a quick ratio of 0.86.

Towne Bank (NASDAQ:TOWN) last released its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.74 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.74. The business had revenue of $247.62 million during the quarter, compared to the consensus estimate of $274.02 million. Towne Bank had a return on equity of 10.48% and a net margin of 13.51%.The firm’s quarterly revenue was up 34.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.68 EPS. Research analysts expect that Towne Bank will post 3.15 EPS for the current year.

Towne Bank Dividend Announcement

The company also recently declared a dividend, which will be paid on Wednesday, May 20th. Investors of record on Monday, May 4th will be paid a $0.70 dividend. The ex-dividend date is Monday, May 4th. Towne Bank’s payout ratio is 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.