TowneBank (NASDAQ:TOWN) Shares Sold by Two Sigma Advisers LP

Two Sigma Advisers LP trimmed its holdings in TowneBank (NASDAQ:TOWN) by 4.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,800 shares of the bank’s stock after selling 823 shares during the period. Two Sigma Advisers LP’s holdings in TowneBank were worth $572,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in TOWN. Picton Mahoney Asset Management acquired a new position in shares of TowneBank in the 4th quarter valued at approximately $28,000. Blue Trust Inc. raised its position in shares of TowneBank by 258.5% in the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank’s stock valued at $47,000 after purchasing an additional 1,034 shares in the last quarter. Sterling Capital Management LLC raised its position in shares of TowneBank by 807.8% in the 4th quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank’s stock valued at $75,000 after purchasing an additional 1,971 shares in the last quarter. Federated Hermes Inc. acquired a new position in shares of TowneBank in the 4th quarter valued at approximately $82,000. Finally, KBC Group NV raised its position in shares of TowneBank by 28.2% in the 4th quarter. KBC Group NV now owns 3,858 shares of the bank’s stock valued at $131,000 after purchasing an additional 848 shares in the last quarter. 55.99% of the stock is owned by institutional investors and hedge funds.

TowneBank Trading Up 0.1%

TOWN stock opened at $34.40 on Wednesday. The firm has a market cap of $2.58 billion, a P/E ratio of 16.00 and a beta of 0.79. TowneBank has a 12-month low of $25.70 and a 12-month high of $38.28. The stock’s 50 day simple moving average is $33.14 and its 200 day simple moving average is $34.62.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.07. The business had revenue of $190.04 million for the quarter, compared to analyst estimates of $191.29 million. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. The business’s revenue was up 14.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.48 EPS. On average, research analysts forecast that TowneBank will post 2.6 EPS for the current fiscal year.

TowneBank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a $0.27 dividend. The ex-dividend date is Friday, June 27th. This is a positive change from TowneBank’s previous quarterly dividend of $0.25. This represents a $1.08 annualized dividend and a yield of 3.14%. TowneBank’s dividend payout ratio (DPR) is currently 45.76%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on TOWN shares. Wall Street Zen raised TowneBank from a “sell” rating to a “hold” rating in a research report on Friday, May 30th. Hovde Group upped their target price on TowneBank from $38.00 to $39.00 and gave the company an “outperform” rating in a research report on Monday, April 28th.

About TowneBank

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.