AlphaQuest LLC Buys 23,369 Shares of Towne Bank $TOWN

AlphaQuest LLC lifted its stake in Towne Bank (NASDAQ:TOWN) by 86.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 50,261 shares of the bank’s stock after buying an additional 23,369 shares during the quarter. AlphaQuest LLC’s holdings in Towne Bank were worth $1,738,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. OLD Point Trust & Financial Services N A raised its holdings in Towne Bank by 1,020.2% in the third quarter. OLD Point Trust & Financial Services N A now owns 205,116 shares of the bank’s stock worth $7,091,000 after purchasing an additional 186,805 shares in the last quarter. Osaic Holdings Inc. grew its position in shares of Towne Bank by 617.1% in the 2nd quarter. Osaic Holdings Inc. now owns 70,831 shares of the bank’s stock worth $2,421,000 after buying an additional 60,953 shares during the period. Kanawha Capital Management LLC bought a new position in shares of Towne Bank in the 3rd quarter worth about $1,068,000. Arbor Investment Advisors LLC purchased a new position in Towne Bank during the 3rd quarter valued at about $604,000. Finally, Campbell & CO Investment Adviser LLC purchased a new position in Towne Bank during the 2nd quarter valued at about $362,000. Institutional investors own 55.99% of the company’s stock.

Towne Bank Price Performance

Shares of NASDAQ TOWN opened at $35.00 on Friday. Towne Bank has a twelve month low of $29.43 and a twelve month high of $38.01. The firm has a market cap of $2.63 billion, a P/E ratio of 15.91 and a beta of 0.78. The company has a 50 day moving average of $34.63 and a 200 day moving average of $34.74. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.02.

Towne Bank (NASDAQ:TOWN) last issued its earnings results on Friday, January 30th. The bank reported $0.70 EPS for the quarter, missing the consensus estimate 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 business posted $0.55 earnings per share. The business’s revenue for the quarter was up 25.3% on a year-over-year basis. As a group, research analysts expect that Towne Bank will post 2.6 EPS for the current fiscal year.

Towne Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Investors of record on Friday, December 26th were issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.1%. The ex-dividend date was Friday, December 26th. Towne Bank’s dividend payout ratio (DPR) is presently 49.09%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on TOWN. Wall Street Zen upgraded shares of Towne Bank from a “sell” rating to a “hold” rating in a report on Sunday, October 26th. Weiss Ratings restated a “buy (b-)” rating on shares of Towne Bank in a research note on Wednesday, January 21st. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Towne Bank currently has a consensus rating of “Buy” and a consensus target price of $41.00.

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.