Advantage Alpha Capital Partners LP Raises Stock Position in TowneBank (NASDAQ:TOWN)

Advantage Alpha Capital Partners LP lifted its stake in TowneBank (NASDAQ:TOWN) by 29.7% during the third quarter, HoldingsChannel reports. The institutional investor owned 15,769 shares of the bank’s stock after acquiring an additional 3,609 shares during the period. Advantage Alpha Capital Partners LP’s holdings in TowneBank were worth $521,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Dynamic Technology Lab Private Ltd acquired a new position in TowneBank during the third quarter worth approximately $582,000. Cerity Partners LLC raised its position in TowneBank by 1.1% in the 3rd quarter. Cerity Partners LLC now owns 109,144 shares of the bank’s stock valued at $3,608,000 after purchasing an additional 1,236 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in TowneBank by 0.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 839,050 shares of the bank’s stock valued at $27,739,000 after purchasing an additional 7,738 shares during the last quarter. Intech Investment Management LLC acquired a new stake in TowneBank during the 3rd quarter worth $322,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in TowneBank during the 3rd quarter worth $552,000. 55.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods upgraded TowneBank from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $35.00 to $40.00 in a research report on Wednesday, October 2nd.

TowneBank Price Performance

NASDAQ:TOWN opened at $37.00 on Wednesday. The firm has a market cap of $2.78 billion, a price-to-earnings ratio of 18.59 and a beta of 0.89. The firm’s fifty day moving average price is $34.02 and its 200 day moving average price is $31.35. TowneBank has a 1-year low of $25.70 and a 1-year high of $37.77.

TowneBank (NASDAQ:TOWN) last issued its earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.02. TowneBank had a net margin of 14.89% and a return on equity of 7.32%. The business had revenue of $258.86 million for the quarter, compared to the consensus estimate of $179.80 million. During the same quarter in the previous year, the firm earned $0.60 earnings per share. As a group, analysts expect that TowneBank will post 2.07 earnings per share for the current fiscal year.

TowneBank 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.