Towne Bank $TOWN Shares Sold by Susquehanna International Group LLP

Susquehanna International Group LLP trimmed its stake in Towne Bank (NASDAQ:TOWN) by 26.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 240,366 shares of the bank’s stock after selling 87,307 shares during the quarter. Susquehanna International Group LLP owned approximately 0.30% of Towne Bank worth $8,711,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in TOWN. EverSource Wealth Advisors LLC boosted its stake in Towne Bank by 931.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank’s stock worth $26,000 after buying an additional 680 shares during the last quarter. Abound Financial LLC purchased a new position in shares of Towne Bank during the 4th quarter worth about $27,000. Quantbot Technologies LP acquired a new stake in shares of Towne Bank in the second quarter worth approximately $30,000. Public Employees Retirement System of Ohio purchased a new stake in Towne Bank in the second quarter valued at approximately $33,000. Finally, Los Angeles Capital Management LLC acquired a new position in Towne Bank during the fourth quarter worth approximately $42,000. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $38.00 price target (down from $42.00) on shares of Towne Bank in a research note on Wednesday, May 6th. Zacks Research upgraded Towne Bank from a “strong sell” rating to a “hold” rating in a report on Monday, June 29th. Finally, Weiss Ratings raised Towne Bank from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $39.50.

Towne Bank Stock Performance

Shares of TOWN opened at $37.43 on Monday. The stock’s 50-day moving average is $36.97 and its two-hundred day moving average is $35.40. The stock has a market cap of $2.96 billion, a PE ratio of 10.51 and a beta of 0.69. Towne Bank has a 12 month low of $31.91 and a 12 month high of $39.03. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.90 and a quick ratio of 0.88.

Towne Bank (NASDAQ:TOWN) last posted its earnings results on Thursday, July 23rd. The bank reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01). The company had revenue of $245.72 million during the quarter, compared to analyst estimates of $245.33 million. Towne Bank had a net margin of 25.64% and a return on equity of 9.60%. Equities analysts forecast that Towne Bank will post 3.09 earnings per share for the current fiscal year.

Towne Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 25th will be paid a $0.28 dividend. The ex-dividend date is Friday, September 25th. This represents a $1.12 annualized dividend and a dividend yield of 3.0%. Towne Bank’s dividend payout ratio is 31.46%.

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.