Raymond James Financial Services Advisors Inc. lowered its stake in Towne Bank (NASDAQ:TOWN) by 13.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 144,508 shares of the bank’s stock after selling 22,382 shares during the period. Raymond James Financial Services Advisors Inc. owned 0.23% of Towne Bank worth $4,841,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of the business. SG Americas Securities LLC bought a new position in shares of Towne Bank during the second quarter valued at $144,000. US Bancorp DE raised its stake in Towne Bank by 1,216.4% during the second quarter. US Bancorp DE now owns 5,055 shares of the bank’s stock worth $156,000 after buying an additional 4,671 shares during the last quarter. Victory Capital Management Inc. raised its stake in Towne Bank by 17.6% during the second quarter. Victory Capital Management Inc. now owns 6,355 shares of the bank’s stock worth $196,000 after buying an additional 952 shares during the last quarter. Prudential Financial Inc. raised its stake in Towne Bank by 1.8% during the first quarter. Prudential Financial Inc. now owns 6,835 shares of the bank’s stock worth $221,000 after buying an additional 120 shares during the last quarter. Finally, Amalgamated Bank raised its stake in Towne Bank by 1.6% during the second quarter. Amalgamated Bank now owns 7,135 shares of the bank’s stock worth $220,000 after buying an additional 114 shares during the last quarter. Hedge funds and other institutional investors own 44.33% of the company’s stock.
A number of equities research analysts have commented on the stock. Piper Jaffray Companies restated a “neutral” rating and issued a $32.00 price target on shares of Towne Bank in a report on Thursday, October 5th. Brean Capital initiated coverage on shares of Towne Bank in a report on Friday, December 1st. They set a “hold” rating for the company. Finally, Zacks Investment Research cut shares of Towne Bank from a “hold” rating to a “sell” rating in a report on Tuesday, October 31st.
Towne Bank (NASDAQ:TOWN) traded down $0.30 during trading on Thursday, reaching $32.70. 177,825 shares of the company traded hands, compared to its average volume of 153,150. Towne Bank has a 1-year low of $28.55 and a 1-year high of $35.30. The stock has a market capitalization of $2,060.89, a PE ratio of 21.79 and a beta of 0.98. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.47.
Towne Bank (NASDAQ:TOWN) last released its quarterly earnings results on Thursday, October 26th. The bank reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.01). The firm had revenue of $115.34 million for the quarter, compared to analysts’ expectations of $118.96 million. Towne Bank had a return on equity of 8.49% and a net margin of 19.55%. equities analysts predict that Towne Bank will post 1.57 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 12th. Shareholders of record on Friday, December 29th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.71%. The ex-dividend date of this dividend is Thursday, December 28th. Towne Bank’s dividend payout ratio is 36.84%.
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Towne Bank Profile
TowneBank is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three segments: Banking, Realty and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. The Realty segment provides residential real estate services, originations of a range of mortgage loans, resort property management, and residential and commercial title insurance.
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