TowneBank (NASDAQ:TOWN) Shares Sold by Nuveen Asset Management LLC

Nuveen Asset Management LLC lessened its holdings in TowneBank (NASDAQ:TOWN) by 11.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 457,882 shares of the bank’s stock after selling 59,298 shares during the quarter. Nuveen Asset Management LLC owned about 0.61% of TowneBank worth $15,595,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in TOWN. Wellington Management Group LLP acquired a new stake in shares of TowneBank during the 4th quarter worth approximately $22,894,000. Raymond James Financial Inc. acquired a new stake in shares of TowneBank during the 4th quarter worth approximately $14,122,000. FJ Capital Management LLC acquired a new stake in shares of TowneBank during the 4th quarter worth approximately $9,908,000. Millennium Management LLC grew its stake in shares of TowneBank by 1,265.5% during the 4th quarter. Millennium Management LLC now owns 243,773 shares of the bank’s stock worth $8,303,000 after purchasing an additional 225,921 shares during the period. Finally, T. Rowe Price Investment Management Inc. grew its stake in shares of TowneBank by 5.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,344,673 shares of the bank’s stock worth $147,980,000 after purchasing an additional 210,521 shares during the period. Institutional investors and hedge funds own 55.99% of the company’s stock.

TowneBank Price Performance

Shares of NASDAQ:TOWN opened at $33.93 on Monday. TowneBank has a 1 year low of $25.70 and a 1 year high of $38.28. The firm has a market capitalization of $2.54 billion, a price-to-earnings ratio of 15.78 and a beta of 0.79. The business’s 50 day moving average price is $33.22 and its 200-day moving average price is $34.67.

TowneBank (NASDAQ:TOWN) last announced its earnings results on Wednesday, April 23rd. The bank reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. The firm had revenue of $190.04 million for the quarter, compared to analyst estimates of $191.29 million. During the same quarter last year, the firm posted $0.48 EPS. The business’s revenue was up 14.9% on a year-over-year basis. On average, sell-side analysts expect that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a $0.27 dividend. The ex-dividend date is Friday, June 27th. This represents a $1.08 dividend on an annualized basis and a yield of 3.18%. This is a positive change from TowneBank’s previous quarterly dividend of $0.25. TowneBank’s dividend payout ratio (DPR) is presently 45.76%.

Analyst Ratings Changes

TOWN has been the topic of a number of analyst reports. Wall Street Zen cut shares of TowneBank from a “hold” rating to a “sell” rating in a research note on Thursday. Hovde Group raised their price objective on shares of TowneBank from $38.00 to $39.00 and gave the stock an “outperform” rating in a research note on Monday, April 28th.

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.