US Bancorp DE Trims Stock Position in TowneBank (NASDAQ:TOWN)

US Bancorp DE lowered its holdings in shares of TowneBank (NASDAQ:TOWNGet Rating) by 2.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,561 shares of the bank’s stock after selling 528 shares during the quarter. US Bancorp DE’s holdings in TowneBank were worth $606,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TOWN. DAVENPORT & Co LLC increased its holdings in TowneBank by 1.1% in the 2nd quarter. DAVENPORT & Co LLC now owns 482,964 shares of the bank’s stock worth $13,112,000 after acquiring an additional 5,472 shares in the last quarter. Victory Capital Management Inc. increased its holdings in TowneBank by 147.5% in the 2nd quarter. Victory Capital Management Inc. now owns 200,268 shares of the bank’s stock worth $5,437,000 after acquiring an additional 119,349 shares in the last quarter. Cerity Partners LLC purchased a new stake in TowneBank in the 2nd quarter worth approximately $4,334,000. Rafferty Asset Management LLC purchased a new stake in TowneBank in the 2nd quarter worth approximately $329,000. Finally, Federated Hermes Inc. increased its holdings in TowneBank by 2,188.2% in the 2nd quarter. Federated Hermes Inc. now owns 97,181 shares of the bank’s stock worth $2,639,000 after acquiring an additional 92,934 shares in the last quarter. Hedge funds and other institutional investors own 52.75% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com started coverage on TowneBank in a research note on Wednesday, October 12th. They issued a “hold” rating for the company.

TowneBank Trading Up 1.5 %

TOWN stock opened at $30.43 on Friday. TowneBank has a 1-year low of $26.18 and a 1-year high of $33.42. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.88 and a quick ratio of 0.87. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of 12.12 and a beta of 0.99. The business has a 50 day simple moving average of $31.40 and a two-hundred day simple moving average of $29.97.

TowneBank (NASDAQ:TOWNGet Rating) last posted its quarterly earnings results on Thursday, October 27th. The bank reported $0.70 earnings per share for the quarter. The business had revenue of $179.24 million during the quarter. TowneBank had a return on equity of 9.75% and a net margin of 25.55%.

TowneBank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 12th. Stockholders of record on Friday, December 30th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Thursday, December 29th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.02%. TowneBank’s dividend payout ratio is currently 36.65%.

TowneBank Company Profile

(Get Rating)

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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Institutional Ownership by Quarter for TowneBank (NASDAQ:TOWN)

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