Towne Bank $TOWN Shares Sold by Bailard Inc.

Bailard Inc. decreased its stake in shares of Towne Bank (NASDAQ:TOWN) by 31.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,000 shares of the bank’s stock after selling 6,400 shares during the quarter. Bailard Inc.’s holdings in Towne Bank were worth $479,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the stock. Summit Securities Group LLC purchased a new position in shares of Towne Bank during the 1st quarter worth $28,000. Private Trust Co. NA acquired a new stake in Towne Bank during the second quarter worth about $40,000. CWM LLC increased its position in Towne Bank by 37.2% during the second quarter. CWM LLC now owns 2,205 shares of the bank’s stock worth $75,000 after purchasing an additional 598 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in Towne Bank by 32.6% during the first quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the bank’s stock worth $98,000 after purchasing an additional 700 shares during the period. Finally, Ieq Capital LLC acquired a new position in Towne Bank in the 1st quarter valued at about $230,000. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

Towne Bank Stock Up 0.4%

Shares of NASDAQ TOWN opened at $33.22 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.01. The business’s 50 day moving average is $34.11 and its two-hundred day moving average is $34.70. Towne Bank has a 52-week low of $29.43 and a 52-week high of $38.28. The firm has a market cap of $2.49 billion, a price-to-earnings ratio of 14.83 and a beta of 0.87.

Towne Bank (NASDAQ:TOWN) last released its quarterly earnings results on Wednesday, October 22nd. The bank reported $0.83 EPS for the quarter, topping the consensus estimate of $0.75 by $0.08. The business had revenue of $215.67 million during the quarter, compared to analyst estimates of $222.28 million. Towne Bank had a return on equity of 9.86% and a net margin of 15.69%.During the same period last year, the business posted $0.58 earnings per share. Research analysts predict that Towne Bank will post 2.6 EPS for the current year.

Towne Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Monday, September 29th were paid a dividend of $0.27 per share. The ex-dividend date was Monday, September 29th. This represents a $1.08 dividend on an annualized basis and a yield of 3.3%. Towne Bank’s dividend payout ratio is 48.21%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TOWN. Hovde Group raised their price target on shares of Towne Bank from $39.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, July 24th. Weiss Ratings reissued a “buy (b-)” rating on shares of Towne Bank in a research note on Wednesday, October 8th. Finally, Wall Street Zen raised Towne Bank from a “sell” rating to a “hold” rating in a research note on Sunday, October 26th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $41.00.

Towne Bank 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.