Towne Bank $TOWN Shares Sold by OLD Point Trust & Financial Services N A

OLD Point Trust & Financial Services N A lowered its position in Towne Bank (NASDAQ:TOWN) by 4.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 18,311 shares of the bank’s stock after selling 873 shares during the period. OLD Point Trust & Financial Services N A’s holdings in Towne Bank were worth $626,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. SummerHaven Investment Management LLC raised its position in shares of Towne Bank by 1.6% in the second quarter. SummerHaven Investment Management LLC now owns 28,643 shares of the bank’s stock worth $979,000 after acquiring an additional 443 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Towne Bank by 4.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 10,098 shares of the bank’s stock worth $364,000 after acquiring an additional 463 shares during the period. Intech Investment Management LLC raised its position in shares of Towne Bank by 39.9% in the first quarter. Intech Investment Management LLC now owns 50,437 shares of the bank’s stock worth $1,724,000 after acquiring an additional 14,386 shares during the period. Focus Partners Wealth raised its position in shares of Towne Bank by 6.8% in the first quarter. Focus Partners Wealth now owns 143,340 shares of the bank’s stock worth $4,901,000 after acquiring an additional 9,159 shares during the period. Finally, Jane Street Group LLC raised its position in shares of Towne Bank by 1,220.9% in the first quarter. Jane Street Group LLC now owns 157,411 shares of the bank’s stock worth $5,382,000 after acquiring an additional 145,494 shares during the period. Institutional investors and hedge funds own 55.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Wall Street Zen raised shares of Towne Bank from a “sell” rating to a “hold” rating in a research note on Sunday, August 3rd. Hovde Group boosted their target price on shares of Towne Bank from $39.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, July 24th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Towne Bank currently has an average rating of “Moderate Buy” and a consensus target price of $40.67.

Towne Bank Stock Down 0.5%

Shares of NASDAQ TOWN opened at $34.57 on Wednesday. Towne Bank has a 12-month low of $29.43 and a 12-month high of $38.28. The stock has a market cap of $2.59 billion, a PE ratio of 15.03 and a beta of 0.87. The company has a current ratio of 0.87, a quick ratio of 0.85 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average of $35.91 and a 200 day moving average of $34.57.

Towne Bank (NASDAQ:TOWN) last announced its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.12. Towne Bank had a net margin of 16.49% and a return on equity of 8.99%. The company had revenue of $207.44 million during the quarter, compared to analysts’ expectations of $202.18 million. During the same quarter in the prior year, the company earned $0.57 EPS. Towne Bank’s revenue was up 18.6% compared to the same quarter last year. As a group, sell-side analysts predict that Towne Bank will post 2.6 EPS for the current fiscal year.

Towne Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Monday, September 29th will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Monday, September 29th. Towne Bank’s dividend payout ratio is currently 46.96%.

Towne Bank Profile

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.