TowneBank (NASDAQ:TOWN) Shares Sold by Millennium Management LLC

Millennium Management LLC lessened its position in TowneBank (NASDAQ:TOWNFree Report) by 7.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 152,128 shares of the bank’s stock after selling 11,771 shares during the period. Millennium Management LLC owned about 0.20% of TowneBank worth $4,149,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of TOWN. Compton Wealth Advisory Group LLC increased its position in TowneBank by 13.1% during the first quarter. Compton Wealth Advisory Group LLC now owns 10,007 shares of the bank’s stock worth $281,000 after purchasing an additional 1,157 shares during the last quarter. BNP Paribas Financial Markets increased its position in TowneBank by 77.6% during the first quarter. BNP Paribas Financial Markets now owns 34,349 shares of the bank’s stock worth $964,000 after purchasing an additional 15,004 shares during the last quarter. Choreo LLC increased its position in TowneBank by 24.7% during the first quarter. Choreo LLC now owns 23,192 shares of the bank’s stock worth $651,000 after purchasing an additional 4,596 shares during the last quarter. Empowered Funds LLC increased its position in TowneBank by 8.2% during the first quarter. Empowered Funds LLC now owns 196,880 shares of the bank’s stock worth $5,524,000 after purchasing an additional 14,875 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in TowneBank during the first quarter worth approximately $234,000. Institutional investors and hedge funds own 55.99% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods upgraded shares of TowneBank from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $35.00 to $40.00 in a research note on Wednesday, October 2nd. StockNews.com upgraded shares of TowneBank from a “sell” rating to a “hold” rating in a research note on Monday, July 29th.

View Our Latest Stock Report on TowneBank

TowneBank Stock Up 3.4 %

TOWN opened at $34.15 on Friday. TowneBank has a 52-week low of $21.63 and a 52-week high of $35.10. The company has a 50 day moving average of $33.12 and a two-hundred day moving average of $29.70. The company has a market cap of $2.56 billion, a P/E ratio of 16.91 and a beta of 0.89.

TowneBank (NASDAQ:TOWNGet Free Report) last announced its earnings results on Wednesday, July 24th. The bank reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.09. The business had revenue of $174.97 million during the quarter, compared to the consensus estimate of $172.20 million. TowneBank had a net margin of 15.33% and a return on equity of 7.56%. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.52 earnings per share. Research analysts anticipate that TowneBank will post 2.12 earnings per share for the current year.

TowneBank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 2.93%. TowneBank’s dividend payout ratio (DPR) is presently 49.51%.

About TowneBank

(Free Report)

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.

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Institutional Ownership by Quarter for TowneBank (NASDAQ:TOWN)

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