OLD Point Trust & Financial Services N A Trims Position in Towne Bank $TOWN

OLD Point Trust & Financial Services N A lessened its stake in shares of Towne Bank (NASDAQ:TOWN) by 4.6% during the 2nd quarter, Holdings Channel reports. The fund owned 18,311 shares of the bank’s stock after selling 873 shares during the quarter. OLD Point Trust & Financial Services N A’s holdings in Towne Bank were worth $626,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. SummerHaven Investment Management LLC raised its holdings in shares of Towne Bank by 1.6% during the 2nd 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 holdings in Towne Bank by 4.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 10,098 shares of the bank’s stock valued at $364,000 after buying an additional 463 shares during the period. CWM LLC raised its holdings in Towne Bank by 37.2% in the 2nd quarter. CWM LLC now owns 2,205 shares of the bank’s stock valued at $75,000 after buying an additional 598 shares during the period. Nisa Investment Advisors LLC raised its holdings in Towne Bank by 32.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the bank’s stock valued at $98,000 after buying an additional 700 shares during the period. Finally, Monument Capital Management raised its holdings in Towne Bank by 11.2% in the 2nd quarter. Monument Capital Management now owns 7,137 shares of the bank’s stock valued at $244,000 after buying an additional 721 shares during the period. Hedge funds and other institutional investors own 55.99% of the company’s stock.

Towne Bank Stock Up 0.2%

Shares of NASDAQ:TOWN opened at $33.62 on Thursday. Towne Bank has a 1 year low of $29.43 and a 1 year high of $38.28. The firm has a market capitalization of $2.52 billion, a PE ratio of 14.62 and a beta of 0.84. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.87 and a quick ratio of 0.85. The firm’s 50-day moving average is $35.31 and its two-hundred day moving average is $34.51.

Towne Bank (NASDAQ:TOWN) last released its earnings results on Wednesday, October 22nd. The bank reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.08. Towne Bank had a net margin of 16.49% and a return on equity of 8.99%. The firm had revenue of $215.67 million for the quarter, compared to analyst estimates of $222.28 million. During the same period in the prior year, the firm earned $0.58 earnings per share. Analysts predict that Towne Bank will post 2.6 EPS for the current year.

Towne Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Monday, September 29th were paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Monday, September 29th. Towne Bank’s dividend payout ratio is presently 46.96%.

Wall Street Analysts Forecast Growth

TOWN has been the topic of several research analyst reports. Weiss Ratings restated a “buy (b-)” rating on shares of Towne Bank in a report on Wednesday, October 8th. Wall Street Zen lowered shares of Towne Bank from a “hold” rating to a “sell” rating in a research note on Saturday, October 18th. Finally, Hovde Group boosted their price target 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 research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Towne Bank has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

About Towne Bank

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.