Peak Planning Group LLC Takes $1.29 Million Position in Towne Bank $TOWN

Peak Planning Group LLC bought a new stake in Towne Bank (NASDAQ:TOWN) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 38,596 shares of the bank’s stock, valued at approximately $1,288,000. Peak Planning Group LLC owned about 0.05% of Towne Bank as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Martingale Asset Management L P lifted its holdings in shares of Towne Bank by 25.4% in the 4th quarter. Martingale Asset Management L P now owns 113,633 shares of the bank’s stock valued at $3,792,000 after purchasing an additional 23,011 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Towne Bank by 6.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 123,593 shares of the bank’s stock valued at $4,124,000 after purchasing an additional 7,346 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Towne Bank by 34.4% in the 4th quarter. Wells Fargo & Company MN now owns 135,269 shares of the bank’s stock valued at $4,514,000 after purchasing an additional 34,644 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Towne Bank by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,339,745 shares of the bank’s stock valued at $144,819,000 after purchasing an additional 17,143 shares during the last quarter. Finally, Federated Hermes Inc. lifted its holdings in shares of Towne Bank by 898.1% in the 4th quarter. Federated Hermes Inc. now owns 24,793 shares of the bank’s stock valued at $827,000 after purchasing an additional 22,309 shares during the last quarter. 55.99% of the stock is owned by hedge funds and other institutional investors.

Towne Bank Stock Up 1.5%

TOWN opened at $35.67 on Friday. The business has a 50 day moving average price of $34.77 and a two-hundred day moving average price of $34.66. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.07. The company has a market cap of $2.82 billion, a PE ratio of 18.02 and a beta of 0.70. Towne Bank has a 52 week low of $31.91 and a 52 week high of $37.86.

Towne Bank (NASDAQ:TOWN) last posted its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.74 EPS for the quarter, meeting the consensus estimate of $0.74. The firm had revenue of $247.62 million during the quarter, compared to the consensus estimate of $274.02 million. Towne Bank had a return on equity of 9.91% and a net margin of 13.51%.The firm’s revenue was up 34.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.68 EPS. As a group, research analysts anticipate that Towne Bank will post 3.15 EPS for the current year.

Towne Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Friday, June 26th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.1%. The ex-dividend date is Friday, June 26th. This is a positive change from Towne Bank’s previous quarterly dividend of $0.27. Towne Bank’s payout ratio is presently 54.55%.

Analyst Ratings Changes

Several analysts have commented on TOWN shares. Weiss Ratings downgraded Towne Bank from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th. Hovde Group reduced their price objective on Towne Bank from $42.00 to $41.00 and set an “outperform” rating for the company in a research note on Monday, April 27th. Zacks Research downgraded Towne Bank from a “hold” rating to a “strong sell” rating in a research note on Monday, May 4th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $38.00 price objective (down from $42.00) on shares of Towne Bank in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target 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.