Brown Advisory Inc. Has $41.66 Million Stake in Towne Bank $TOWN

Brown Advisory Inc. raised its stake in Towne Bank (NASDAQ:TOWN) by 2,646.3% during the second quarter, HoldingsChannel.com reports. The fund owned 1,218,786 shares of the bank’s stock after acquiring an additional 1,174,406 shares during the quarter. Brown Advisory Inc.’s holdings in Towne Bank were worth $41,658,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its stake in shares of Towne Bank by 931.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank’s stock valued at $26,000 after purchasing an additional 680 shares in the last quarter. Summit Securities Group LLC bought a new position in Towne Bank during the 1st quarter valued at about $28,000. Quantbot Technologies LP acquired a new position in Towne Bank in the second quarter valued at about $30,000. Private Trust Co. NA bought a new stake in Towne Bank during the second quarter worth about $40,000. Finally, CWM LLC grew its stake in Towne Bank by 37.2% during the second quarter. CWM LLC now owns 2,205 shares of the bank’s stock worth $75,000 after buying an additional 598 shares during the last quarter. 55.99% of the stock is owned by institutional investors.

Towne Bank Price Performance

Shares of TOWN stock opened at $34.03 on Friday. Towne Bank has a 1 year low of $29.43 and a 1 year high of $38.01. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.02. The firm’s 50 day moving average is $33.37 and its 200-day moving average is $34.61. The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of 15.19 and a beta of 0.79.

Towne Bank (NASDAQ:TOWN) last posted its quarterly earnings data on Wednesday, October 22nd. The bank reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.08. Towne Bank had a net margin of 15.69% and a return on equity of 9.64%. The firm had revenue of $215.67 million during the quarter, compared to analysts’ expectations of $222.28 million. During the same quarter in the previous year, the company posted $0.58 EPS. Sell-side analysts forecast that Towne Bank will post 2.6 EPS for the current fiscal year.

Towne Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 7th. Stockholders of record on Friday, December 26th will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Friday, December 26th. Towne Bank’s dividend payout ratio is 48.21%.

Analysts Set New Price Targets

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

Towne Bank Company Profile

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.