SG Americas Securities LLC Sells 15,482 Shares of Towne Bank $TOWN

SG Americas Securities LLC decreased its holdings in shares of Towne Bank (NASDAQ:TOWN) by 37.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,955 shares of the bank’s stock after selling 15,482 shares during the period. SG Americas Securities LLC’s holdings in Towne Bank were worth $874,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its position in 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 acquiring an additional 680 shares in the last quarter. Abound Financial LLC purchased a new stake in shares of Towne Bank in the fourth quarter worth approximately $27,000. Quantbot Technologies LP bought a new position in shares of Towne Bank in the second quarter valued at approximately $30,000. Los Angeles Capital Management LLC bought a new position in shares of Towne Bank in the fourth quarter valued at approximately $42,000. Finally, CrossGen Wealth LLC purchased a new position in shares of Towne Bank during the fourth quarter valued at approximately $53,000. 55.99% of the stock is currently owned by institutional investors and hedge funds.

Towne Bank Price Performance

Towne Bank stock opened at $36.45 on Monday. The firm has a 50 day moving average price of $34.89 and a 200-day moving average price of $34.82. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.07. Towne Bank has a twelve month low of $31.91 and a twelve month high of $37.86. The company has a market capitalization of $2.88 billion, a P/E ratio of 18.41 and a beta of 0.69.

Towne Bank (NASDAQ:TOWN) last posted its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.74 EPS for the quarter, hitting analysts’ consensus estimates of $0.74. Towne Bank had a net margin of 13.51% and a return on equity of 9.91%. The company had revenue of $247.62 million for the quarter, compared to analysts’ expectations of $274.02 million. During the same quarter in the previous year, the firm posted $0.68 EPS. Towne Bank’s revenue was up 34.6% on a year-over-year basis. As a group, equities analysts predict that Towne Bank will post 3.12 EPS for the current year.

Towne Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Friday, June 26th will be paid a $0.28 dividend. The ex-dividend date is Friday, June 26th. This is a boost from Towne Bank’s previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a dividend yield of 3.1%. Towne Bank’s dividend payout ratio is presently 56.57%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Weiss Ratings lowered Towne Bank from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 13th. Zacks Research raised shares of Towne Bank from a “strong sell” rating to a “hold” rating in a report on Monday, June 29th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $38.00 target price (down from $42.00) on shares of Towne Bank in a research note on Wednesday, May 6th. Finally, Hovde Group lowered their target price on shares of Towne Bank from $42.00 to $41.00 and set an “outperform” rating for the company in a report on Monday, April 27th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Towne Bank has a consensus rating of “Moderate Buy” and an average target price of $39.50.

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.