Financial Security Advisor Inc. Grows Holdings in TowneBank (NASDAQ:TOWN)

by · The Markets Daily

Financial Security Advisor Inc. boosted its holdings in shares of TowneBank (NASDAQ:TOWN – Free Report) by 5.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 37,070 shares of the bank’s stock after purchasing an additional 1,830 shares during the quarter. Financial Security Advisor Inc.’s holdings in TowneBank were worth $1,235,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Innealta Capital LLC bought a new stake in TowneBank in the 2nd quarter valued at about $62,000. Point72 DIFC Ltd bought a new stake in shares of TowneBank during the second quarter valued at approximately $73,000. Heritage Wealth Advisors boosted its position in shares of TowneBank by 2,973.3% during the first quarter. Heritage Wealth Advisors now owns 3,565 shares of the bank’s stock worth $100,000 after buying an additional 3,449 shares during the period. EMC Capital Management grew its holdings in TowneBank by 230.4% in the 1st quarter. EMC Capital Management now owns 5,703 shares of the bank’s stock worth $160,000 after buying an additional 3,977 shares in the last quarter. Finally, Bessemer Group Inc. increased its position in TowneBank by 45.2% in the 1st quarter. Bessemer Group Inc. now owns 6,817 shares of the bank’s stock valued at $191,000 after acquiring an additional 2,121 shares during the period. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

TowneBank Price Performance

TowneBank stock opened at $32.42 on Wednesday. The business has a 50 day simple moving average of $33.53 and a 200 day simple moving average of $30.51. TowneBank has a one year low of $24.63 and a one year high of $35.74. The company has a market capitalization of $2.43 billion, a PE ratio of 16.29 and a beta of 0.89.

TowneBank (NASDAQ:TOWN – Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.02. The firm had revenue of $258.86 million for the quarter, compared to the consensus estimate of $179.80 million. TowneBank had a return on equity of 7.41% and a net margin of 14.89%. During the same quarter in the prior year, the business earned $0.60 EPS. Equities analysts anticipate that TowneBank will post 2.11 earnings per share for the current fiscal year.

TowneBank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 3.08%. TowneBank’s dividend payout ratio is presently 50.25%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on TOWN shares. Keefe, Bruyette & Woods raised shares of TowneBank from a “market perform” rating to an “outperform” rating and increased their target price for the company from $35.00 to $40.00 in a research note on Wednesday, October 2nd. StockNews.com upgraded shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th.

Check Out Our Latest Research Report on TOWN

TowneBank Company Profile

(Free Report)

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.

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