On May 25, 2023, investment advisory firm Raymond James Financial Services Advisors Inc. reported that it had decreased its stake in TowneBank by 16.8% during the fourth quarter of the previous year. The firm filed a Form 13F with the Securities and Exchange Commission disclosing that they owned 69,261 shares of TOWN stock after selling 13,974 shares in the said period. This means that Raymond James Financial Services Advisors Inc. held approximately 0.10% of TowneBank’s total value at $2,136,000.
Investors who are following TOWN’s performance may want to visit HoldingsChannel.com to view other hedge funds’ reports on their holdings and insider trades of TowneBank (NASDAQ:TOWN). As for the latest market performance data, the stock opened at $23.53 on Thursday with a fifty day simple moving average of $24.65 and a two hundred day simple moving average of $28.69.
While TOWN’s share price exhibits volatility within its yearly range between $21.22-$33.42 per share, its current ratio stands at 0.90 while its quick ratio is at 0.88, indicating that it has strong liquidity to meet short-term obligations like debts due within a year or accounts payable without affecting business operations adversely.
Furthermore, TOWN has maintained a low debt-to-equity ratio of only 0.25 which reflects prudent management as well as protecting shareholders against financial risks associated with excessive borrowing.
In conclusion, despite Raymond James Financial Services Advisors Inc.’s recent reduction in ownership stake in TowneBank and some fluctuation in share prices recently observed by investors, core fundamental indicators suggest that TOWN is maintaining solid financial health factors which can well-position this bank for future growth opportunities while assuring investors’ interests remain fairly addressed amidst persistent market uncertainties’ challenges moving forward into the future capital markets landscape horizon.
Hedge Funds Boost Holdings of TowneBank (NASDAQ:TOWN) Despite Mixed Analyst Ratings
As of May 25, 2023, several hedge funds have recently bought and sold shares of TowneBank (NASDAQ:TOWN), with institutional investors and hedge funds owning 52.75% of the company’s stock. Vanguard Group Inc., State Street Corp, BlackRock Inc., Nuance Investments LLC, and LSV Asset Management are among the hedge funds that have boosted their holdings in shares of TowneBank.
Despite some positive news on the hedge fund front, a few equities analysts have weighed in on the stock. StockNews.com issued a “sell” rating on the stock while Keefe, Bruyette & Woods downgraded TowneBank from $32.00 to $28.00 but maintained its “market perform” rating. On the other hand, 22nd Century Group has maintained a “buy” rating for Townebank. According to Bloomberg.com, the stock has a consensus rating of “Hold” and an average price target of $28.00.
TowneBank is primarily engaged in offering retail and commercial banking services to individuals and small- to medium-sized businesses through its Banking segment while also providing residential real estate services through its Realty segment. The bank reported $0.62 earnings per share (EPS) for Q1 2023 but missed the consensus estimate of $0.67 by ($0.05), with revenue reaching $224.16 million – higher than analysts’ expectations of $188.79 million.
Based on equities research analyst predictions, it’s anticipated that TowneBank will post 2.39 EPS for the current year.
If you’re interested in seeing what other hedge funds are holding TOWN or getting up-to-date insider trades for the bank’s stocks, visit HoldingsChannel.com to access TOWn’s latest 13F filings.