Wealth Enhancement Advisory Services LLC Boosts Stock Position in TowneBank (NASDAQ:TOWN)

Wealth Enhancement Advisory Services LLC lifted its stake in shares of TowneBank (NASDAQ:TOWN) by 6.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,753 shares of the bank’s stock after acquiring an additional 617 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in TowneBank were worth $322,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Innealta Capital LLC bought a new position in shares of TowneBank in the second quarter worth approximately $62,000. Point72 DIFC Ltd purchased a new position in shares of TowneBank during the 2nd quarter valued at $73,000. Heritage Wealth Advisors boosted its holdings in TowneBank by 2,973.3% in the 1st quarter. Heritage Wealth Advisors now owns 3,565 shares of the bank’s stock worth $100,000 after buying an additional 3,449 shares during the period. EMC Capital Management increased its stake in TowneBank by 230.4% in the 1st quarter. EMC Capital Management now owns 5,703 shares of the bank’s stock worth $160,000 after buying an additional 3,977 shares in the last quarter. Finally, Bessemer Group Inc. raised its holdings in TowneBank by 45.2% during the first quarter. Bessemer Group Inc. now owns 6,817 shares of the bank’s stock valued at $191,000 after acquiring an additional 2,121 shares during the period. 55.99% of the stock is owned by hedge funds and other institutional investors.

TowneBank Stock Performance

Shares of NASDAQ TOWN opened at $35.44 on Monday. The company has a market cap of $2.66 billion, a P/E ratio of 17.81 and a beta of 0.89. TowneBank has a 52-week low of $24.63 and a 52-week high of $36.50. The firm’s fifty day moving average is $33.60 and its two-hundred day moving average is $30.68.

TowneBank (NASDAQ:TOWN) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02. The firm had revenue of $258.86 million during the quarter, compared to analyst estimates of $179.80 million. TowneBank had a return on equity of 7.41% and a net margin of 14.89%. During the same quarter last year, the business posted $0.60 earnings per share. As a group, analysts forecast that TowneBank will post 2.07 EPS for the current fiscal year.

TowneBank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date was Monday, September 30th. TowneBank’s payout ratio is 50.25%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on TOWN shares. StockNews.com raised TowneBank from a “sell” rating to a “hold” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods upgraded TowneBank from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $35.00 to $40.00 in a research note on Wednesday, October 2nd.

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.