TIAA CREF Investment Management LLC Sells 12,988 Shares of TowneBank (TOWN)

TIAA CREF Investment Management LLC trimmed its holdings in shares of TowneBank (NASDAQ:TOWN) by 8.1% during the 4th quarter, HoldingsChannel reports. The fund owned 147,658 shares of the bank’s stock after selling 12,988 shares during the period. TIAA CREF Investment Management LLC’s holdings in TowneBank were worth $4,540,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of TOWN. First Republic Investment Management Inc. grew its holdings in TowneBank by 14.0% during the 4th quarter. First Republic Investment Management Inc. now owns 16,289 shares of the bank’s stock worth $501,000 after acquiring an additional 2,000 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of TowneBank during the fourth quarter valued at about $629,000. Citadel Advisors LLC purchased a new stake in shares of TowneBank during the fourth quarter valued at about $668,000. Paloma Partners Management Co purchased a new stake in shares of TowneBank during the fourth quarter valued at about $718,000. Finally, Two Sigma Investments LP purchased a new stake in shares of TowneBank during the fourth quarter valued at about $768,000. Institutional investors own 38.72% of the company’s stock.

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Several analysts have commented on the stock. BidaskClub lowered shares of TowneBank from a “sell” rating to a “strong sell” rating in a research report on Friday. Brean Capital reissued a “hold” rating on shares of TowneBank in a research report on Tuesday, January 2nd. Piper Jaffray reissued a “hold” rating and set a $35.00 price target on shares of TowneBank in a research report on Tuesday, January 9th. Zacks Investment Research lowered shares of TowneBank from a “buy” rating to a “hold” rating in a research report on Wednesday, March 28th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $35.00 price target on shares of TowneBank in a research report on Friday, December 22nd. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $34.25.

TOWN stock opened at $29.25 on Friday. The stock has a market cap of $2,053.72, a price-to-earnings ratio of 18.75 and a beta of 1.00. TowneBank has a one year low of $27.85 and a one year high of $35.30.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings results on Thursday, January 25th. The bank reported $0.37 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.01. The business had revenue of $109.14 million during the quarter, compared to analyst estimates of $108.16 million. TowneBank had a net margin of 17.77% and a return on equity of 8.73%. equities research analysts predict that TowneBank will post 1.98 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 10th. Investors of record on Thursday, March 29th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.91%. The ex-dividend date was Wednesday, March 28th. TowneBank’s payout ratio is currently 35.90%.

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TowneBank Company Profile

TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, negotiable order of withdrawal accounts, 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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