OLD Point Trust & Financial Services N A Boosts Stock Holdings in Towne Bank $TOWN

by · The Markets Daily

OLD Point Trust & Financial Services N A grew its position in Towne Bank (NASDAQ:TOWN – Free Report) by 1,020.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 205,116 shares of the bank’s stock after acquiring an additional 186,805 shares during the quarter. Towne Bank comprises 2.3% of OLD Point Trust & Financial Services N A’s holdings, making the stock its 12th largest position. OLD Point Trust & Financial Services N A’s holdings in Towne Bank were worth $7,091,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in TOWN. T. Rowe Price Investment Management Inc. raised its stake in Towne Bank by 1.1% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,393,296 shares of the bank’s stock valued at $150,207,000 after purchasing an additional 48,623 shares during the last quarter. State Street Corp grew its holdings in shares of Towne Bank by 2.6% during the second quarter. State Street Corp now owns 2,003,504 shares of the bank’s stock worth $69,010,000 after buying an additional 51,028 shares in the last quarter. Brown Advisory Inc. raised its position in shares of Towne Bank by 2,646.3% in the second quarter. Brown Advisory Inc. now owns 1,218,786 shares of the bank’s stock valued at $41,658,000 after buying an additional 1,174,406 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Towne Bank by 8.1% in the second quarter. Arrowstreet Capital Limited Partnership now owns 578,037 shares of the bank’s stock worth $19,757,000 after buying an additional 43,376 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in shares of Towne Bank by 2.1% in the second quarter. Ameriprise Financial Inc. now owns 533,149 shares of the bank’s stock worth $18,223,000 after buying an additional 11,170 shares in the last quarter. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on TOWN. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Towne Bank in a research note on Wednesday, October 8th. Wall Street Zen upgraded Towne Bank from a “sell” rating to a “hold” rating in a research report on Sunday, October 26th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Check Out Our Latest Stock Report on Towne Bank

Towne Bank Price Performance

Shares of TOWN stock opened at $35.62 on Thursday. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.87 and a quick ratio of 0.86. The company has a market capitalization of $2.67 billion, a PE ratio of 15.90 and a beta of 0.79. The firm’s 50-day moving average is $33.51 and its two-hundred day moving average is $34.66. Towne Bank has a 12 month low of $29.43 and a 12 month high of $38.01.

Towne Bank (NASDAQ:TOWN – Get Free Report) last announced its quarterly earnings results on Wednesday, October 22nd. The bank reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.08. The business had revenue of $215.67 million during the quarter, compared to the consensus estimate of $222.28 million. Towne Bank had a net margin of 15.69% and a return on equity of 9.64%. During the same quarter last year, the firm earned $0.58 EPS. Analysts predict that Towne Bank will post 2.6 earnings per share for the current year.

Towne Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 7th. Shareholders of record on Friday, December 26th will be given a $0.27 dividend. The ex-dividend date is Friday, December 26th. This represents a $1.08 dividend on an annualized basis and a yield of 3.0%. Towne Bank’s payout ratio is currently 48.21%.

Towne Bank Profile

(Free Report)

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.

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