TowneBank (NASDAQ:TOWN) Stock Holdings Boosted by American Century Companies Inc.

American Century Companies Inc. increased its position in TowneBank (NASDAQ:TOWN) by 0.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 784,909 shares of the bank’s stock after acquiring an additional 2,676 shares during the period. American Century Companies Inc. owned approximately 1.05% of TowneBank worth $21,404,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. TFO Wealth Partners LLC increased its stake in shares of TowneBank by 43,600.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,311 shares of the bank’s stock valued at $39,000 after purchasing an additional 1,308 shares during the period. Innealta Capital LLC bought a new stake in TowneBank during the 2nd quarter valued at $62,000. Heritage Wealth Advisors raised its stake in TowneBank by 2,973.3% during the 1st quarter. Heritage Wealth Advisors now owns 3,565 shares of the bank’s stock valued at $100,000 after acquiring an additional 3,449 shares in the last quarter. EMC Capital Management boosted its position in TowneBank by 230.4% during the 1st quarter. EMC Capital Management now owns 5,703 shares of the bank’s stock worth $160,000 after acquiring an additional 3,977 shares during the period. Finally, Bessemer Group Inc. grew its stake in shares of TowneBank by 45.2% in the first quarter. Bessemer Group Inc. now owns 6,817 shares of the bank’s stock worth $191,000 after purchasing an additional 2,121 shares in the last quarter. 55.99% of the stock is currently owned by institutional investors.

TowneBank Stock Performance

TOWN opened at $34.85 on Friday. The company has a market capitalization of $2.61 billion, a PE ratio of 17.34 and a beta of 0.89. The stock’s fifty day moving average is $32.66 and its 200-day moving average is $28.96. TowneBank has a one year low of $21.63 and a one year high of $35.10.

TowneBank (NASDAQ:TOWN) last released its earnings results on Wednesday, July 24th. The bank reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.09. TowneBank had a return on equity of 7.56% and a net margin of 15.33%. The firm had revenue of $174.97 million for the quarter, compared to analyst estimates of $172.20 million. During the same period in the previous year, the company earned $0.52 earnings per share. TowneBank’s revenue was down 3.6% compared to the same quarter last year. On average, equities research analysts forecast that TowneBank will post 2.15 EPS for the current fiscal year.

TowneBank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend is Monday, September 30th. TowneBank’s dividend payout ratio is presently 49.75%.

Analyst Ratings Changes

TOWN has been the subject of several research analyst reports. Keefe, Bruyette & Woods upped their price objective on shares of TowneBank from $30.00 to $35.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. StockNews.com upgraded shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th.

TowneBank Company 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.