TowneBank (NASDAQ:TOWN) Shares Sold by Creative Planning

Creative Planning reduced its holdings in TowneBank (NASDAQ:TOWN) by 6.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,072 shares of the bank’s stock after selling 1,233 shares during the quarter. Creative Planning’s holdings in TowneBank were worth $631,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in shares of TowneBank during the third quarter valued at approximately $516,000. Point72 DIFC Ltd acquired a new position in shares of TowneBank during the 2nd quarter valued at $73,000. Cubist Systematic Strategies LLC lifted its holdings in shares of TowneBank by 315.8% in the second quarter. Cubist Systematic Strategies LLC now owns 95,407 shares of the bank’s stock valued at $2,602,000 after buying an additional 72,464 shares during the period. Algert Global LLC bought a new position in TowneBank during the second quarter valued at about $205,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in TowneBank by 3.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 41,390 shares of the bank’s stock valued at $1,129,000 after acquiring an additional 1,263 shares during the last quarter. Institutional investors own 55.99% of the company’s stock.

Wall Street Analyst Weigh In

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

TowneBank Price Performance

Shares of TowneBank stock opened at $32.00 on Tuesday. The stock has a 50-day simple moving average of $33.60 and a 200-day simple moving average of $30.43. TowneBank has a 52-week low of $24.63 and a 52-week high of $35.74. The firm has a market cap of $2.40 billion, a price-to-earnings ratio of 16.08 and a beta of 0.89.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.02. TowneBank had a return on equity of 7.41% and a net margin of 14.89%. The company had revenue of $258.86 million during the quarter, compared to the consensus estimate of $179.80 million. During the same quarter in the prior year, the company posted $0.60 EPS. As a group, equities research analysts predict that TowneBank will post 2.11 earnings per share for the current year.

TowneBank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were given a $0.25 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 3.13%. TowneBank’s dividend payout ratio is 50.25%.

About TowneBank

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.