Monument Capital Management Acquires 721 Shares of Towne Bank $TOWN

Monument Capital Management boosted its holdings in Towne Bank (NASDAQ:TOWN) by 11.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,137 shares of the bank’s stock after acquiring an additional 721 shares during the quarter. Monument Capital Management’s holdings in Towne Bank were worth $244,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TOWN. Wealth Enhancement Advisory Services LLC lifted its position in Towne Bank by 6.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 10,342 shares of the bank’s stock valued at $352,000 after acquiring an additional 589 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Towne Bank by 2,332.2% during the 1st quarter. GAMMA Investing LLC now owns 3,624 shares of the bank’s stock valued at $124,000 after buying an additional 3,475 shares during the period. SG Americas Securities LLC bought a new position in shares of Towne Bank during the 1st quarter valued at $525,000. Handelsbanken Fonder AB lifted its holdings in shares of Towne Bank by 16.0% during the 1st quarter. Handelsbanken Fonder AB now owns 15,188 shares of the bank’s stock valued at $519,000 after buying an additional 2,100 shares during the period. Finally, Bessemer Group Inc. lifted its holdings in shares of Towne Bank by 137.0% during the 1st quarter. Bessemer Group Inc. now owns 5,121 shares of the bank’s stock valued at $175,000 after buying an additional 2,960 shares during the period. 55.99% of the stock is owned by institutional investors.

Towne Bank Price Performance

Shares of Towne Bank stock opened at $32.48 on Friday. Towne Bank has a one year low of $29.43 and a one year high of $38.28. The stock’s fifty day moving average is $35.66 and its 200 day moving average is $34.52. The stock has a market cap of $2.44 billion, a P/E ratio of 14.12 and a beta of 0.84. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.85 and a current ratio of 0.87.

Towne Bank (NASDAQ:TOWN) last announced its earnings results on Wednesday, July 23rd. The bank reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.12. Towne Bank had a return on equity of 8.99% and a net margin of 16.49%.The company had revenue of $207.44 million for the quarter, compared to analysts’ expectations of $202.18 million. During the same period last year, the firm earned $0.57 EPS. Towne Bank’s revenue for the quarter was up 18.6% compared to the same quarter last year. Sell-side analysts anticipate that Towne Bank will post 2.6 earnings per share for the current year.

Towne Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Monday, September 29th were issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Monday, September 29th. Towne Bank’s dividend payout ratio (DPR) is currently 46.96%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Wall Street Zen raised Towne Bank from a “sell” rating to a “hold” rating in a report on Sunday, August 3rd. Weiss Ratings reissued a “buy (b-)” rating on shares of Towne Bank in a report on Wednesday. Finally, Hovde Group increased their price target on Towne Bank from $39.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, July 24th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Towne Bank has a consensus rating of “Moderate Buy” and an average price target of $41.00.

Towne Bank 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.