Quest Partners LLC Decreases Stake in TowneBank (NASDAQ:TOWN)

Quest Partners LLC reduced its stake in shares of TowneBank (NASDAQ:TOWN) by 33.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 35,215 shares of the bank’s stock after selling 17,755 shares during the period. Quest Partners LLC’s holdings in TowneBank were worth $1,164,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Oak Harbor Wealth Partners LLC boosted its position in shares of TowneBank by 7.0% in the 2nd quarter. Oak Harbor Wealth Partners LLC now owns 8,408 shares of the bank’s stock worth $229,000 after buying an additional 549 shares in the last quarter. SummerHaven Investment Management LLC boosted its position in shares of TowneBank by 1.9% in the 2nd quarter. SummerHaven Investment Management LLC now owns 31,187 shares of the bank’s stock worth $850,000 after buying an additional 569 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of TowneBank by 6.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 9,753 shares of the bank’s stock worth $322,000 after buying an additional 617 shares in the last quarter. AMG National Trust Bank boosted its position in shares of TowneBank by 1.6% in the 3rd quarter. AMG National Trust Bank now owns 50,929 shares of the bank’s stock worth $1,684,000 after buying an additional 822 shares in the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of TowneBank by 8.6% in the 1st quarter. ProShare Advisors LLC now owns 12,617 shares of the bank’s stock worth $354,000 after buying an additional 1,000 shares in the last quarter. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

TowneBank Stock Down 1.4 %

NASDAQ TOWN opened at $34.91 on Thursday. The stock has a market cap of $2.62 billion, a PE ratio of 17.54 and a beta of 0.89. TowneBank has a fifty-two week low of $25.70 and a fifty-two week high of $36.67. The business has a 50 day moving average price of $33.86 and a two-hundred day moving average price of $31.13.

TowneBank (NASDAQ:TOWN) last released its earnings results on Wednesday, October 23rd. The bank reported $0.58 EPS for the quarter, beating the consensus estimate of $0.56 by $0.02. The company had revenue of $258.86 million during the quarter, compared to analysts’ expectations of $179.80 million. TowneBank had a return on equity of 7.41% and a net margin of 14.89%. During the same period in the prior year, the business posted $0.60 EPS. Sell-side analysts anticipate that TowneBank will post 2.07 EPS for the current fiscal year.

TowneBank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date was Monday, September 30th. TowneBank’s dividend payout ratio (DPR) is 50.25%.

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.