TowneBank (NASDAQ:TOWN) Stake Trimmed by AlphaQuest LLC

AlphaQuest LLC lowered its stake in TowneBank (NASDAQ:TOWN) by 86.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,730 shares of the bank’s stock after selling 30,485 shares during the quarter. AlphaQuest LLC’s holdings in TowneBank were worth $161,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Harbor Capital Advisors Inc. boosted its position in TowneBank by 1.9% during the 4th quarter. Harbor Capital Advisors Inc. now owns 20,073 shares of the bank’s stock worth $684,000 after acquiring an additional 383 shares during the period. Choreo LLC boosted its position in TowneBank by 1.3% during the 4th quarter. Choreo LLC now owns 30,112 shares of the bank’s stock worth $1,033,000 after acquiring an additional 383 shares during the period. First Western Trust Bank boosted its position in TowneBank by 4.3% during the 3rd quarter. First Western Trust Bank now owns 18,123 shares of the bank’s stock worth $599,000 after acquiring an additional 745 shares during the period. AMG National Trust Bank boosted its position in TowneBank by 1.6% during the 3rd quarter. AMG National Trust Bank now owns 50,929 shares of the bank’s stock worth $1,684,000 after acquiring an additional 822 shares during the period. Finally, KBC Group NV boosted its position in TowneBank by 28.2% during the 4th quarter. KBC Group NV now owns 3,858 shares of the bank’s stock worth $131,000 after acquiring an additional 848 shares during the period. Hedge funds and other institutional investors own 55.99% of the company’s stock.

TowneBank Price Performance

Shares of TowneBank stock opened at $34.81 on Tuesday. The firm has a market cap of $2.61 billion, a price-to-earnings ratio of 16.19 and a beta of 0.88. TowneBank has a 52-week low of $25.70 and a 52-week high of $38.28. The stock has a 50-day simple moving average of $35.36 and a 200-day simple moving average of $34.80.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. As a group, equities research analysts predict that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Monday, March 31st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.00 annualized dividend and a yield of 2.87%. TowneBank’s dividend payout ratio (DPR) is currently 46.51%.

Wall Street Analysts Forecast Growth

Separately, Stephens restated an “equal weight” rating and set a $41.00 price objective on shares of TowneBank in a research report on Thursday, January 23rd.

TowneBank 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.