Towne Bank $TOWN Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its stake in shares of Towne Bank (NASDAQ:TOWN) by 22.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 330,937 shares of the bank’s stock after acquiring an additional 59,770 shares during the quarter. JPMorgan Chase & Co.’s holdings in Towne Bank were worth $11,441,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Brown Advisory Inc. boosted its holdings in 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 purchasing an additional 1,174,406 shares during the period. FJ Capital Management LLC purchased a new stake in Towne Bank during the 2nd quarter worth about $10,296,000. Vanguard Group Inc. increased its holdings in Towne Bank by 3.2% during the 3rd quarter. Vanguard Group Inc. now owns 7,639,169 shares of the bank’s stock worth $264,086,000 after purchasing an additional 234,403 shares during the period. OLD Point Trust & Financial Services N A raised its position in Towne Bank by 1,020.2% in the 3rd quarter. OLD Point Trust & Financial Services N A now owns 205,116 shares of the bank’s stock valued at $7,091,000 after purchasing an additional 186,805 shares in the last quarter. Finally, Jane Street Group LLC boosted its stake in shares of Towne Bank by 1,220.9% in the 1st quarter. Jane Street Group LLC now owns 157,411 shares of the bank’s stock valued at $5,382,000 after buying an additional 145,494 shares during the period. 55.99% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TOWN has been the subject of a number of analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Towne Bank in a research report on Wednesday, January 21st. Zacks Research cut shares of Towne Bank from a “hold” rating to a “strong sell” rating in a report on Monday, February 2nd. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Towne Bank has an average rating of “Hold” and an average target price of $41.00.

Towne Bank Stock Down 0.7%

TOWN stock opened at $33.16 on Friday. The stock has a market cap of $2.62 billion, a P/E ratio of 15.07 and a beta of 0.75. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.02. Towne Bank has a twelve month low of $29.43 and a twelve month high of $37.86. The company’s 50 day moving average is $34.89 and its two-hundred day moving average is $34.36.

Towne Bank (NASDAQ:TOWN) last posted its earnings results on Friday, January 30th. The bank reported $0.70 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 9.95%. The company had revenue of $221.09 million during the quarter, compared to analysts’ expectations of $225.43 million. During the same period last year, the business earned $0.55 earnings per share. The company’s quarterly revenue was up 25.3% on a year-over-year basis. Research analysts expect that Towne Bank will post 2.6 earnings per share for the current fiscal year.

Towne Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.08 annualized dividend and a dividend yield of 3.3%. Towne Bank’s dividend payout ratio (DPR) is presently 49.09%.

Towne Bank Profile

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.