AlphaQuest LLC Grows Stock Holdings in Towne Bank $TOWN

AlphaQuest LLC lifted its position in Towne Bank (NASDAQ:TOWN) by 86.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 50,261 shares of the bank’s stock after purchasing an additional 23,369 shares during the quarter. AlphaQuest LLC owned 0.07% of Towne Bank worth $1,738,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Kanawha Capital Management LLC bought a new stake in Towne Bank in the 3rd quarter worth approximately $1,068,000. Lightrock Netherlands B.V. raised its stake in shares of Towne Bank by 9.2% during the third quarter. Lightrock Netherlands B.V. now owns 308,752 shares of the bank’s stock worth $10,674,000 after acquiring an additional 26,000 shares in the last quarter. Y Intercept Hong Kong Ltd lifted its holdings in shares of Towne Bank by 54.1% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 11,192 shares of the bank’s stock worth $387,000 after acquiring an additional 3,930 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in shares of Towne Bank by 11.5% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 12,666 shares of the bank’s stock worth $438,000 after acquiring an additional 1,307 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in shares of Towne Bank by 8.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 10,916 shares of the bank’s stock valued at $372,000 after purchasing an additional 818 shares in the last quarter. 55.99% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

TOWN has been the subject of several recent research reports. Wall Street Zen raised shares of Towne Bank from a “sell” rating to a “hold” rating in a research note on Sunday, October 26th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Towne Bank in a report on Wednesday, January 21st. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Towne Bank currently has a consensus rating of “Buy” and an average price target of $41.00.

Towne Bank Stock Performance

Shares of NASDAQ:TOWN opened at $35.00 on Friday. 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 company has a 50-day moving average price of $34.63 and a 200-day moving average price of $34.74. The company has a market cap of $2.63 billion, a price-to-earnings ratio of 15.91 and a beta of 0.78. Towne Bank has a 12 month low of $29.43 and a 12 month high of $38.01.

Towne Bank (NASDAQ:TOWN) last announced its quarterly earnings results on Friday, January 30th. The bank reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). Towne Bank had a net margin of 15.12% and a return on equity of 10.11%. The business had revenue of $221.09 million for the quarter, compared to analysts’ expectations of $225.43 million. During the same quarter in the prior year, the firm earned $0.55 EPS. The firm’s revenue for the quarter was up 25.3% on a year-over-year basis. As a group, equities analysts anticipate that Towne Bank will post 2.6 EPS for the current year.

Towne Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 7th. Stockholders of record on Friday, December 26th were paid a dividend of $0.27 per share. The ex-dividend date of this dividend was Friday, December 26th. This represents a $1.08 annualized dividend and a dividend yield of 3.1%. Towne Bank’s payout ratio is 49.09%.

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.