GSA Capital Partners LLP Sells 7,984 Shares of TowneBank (NASDAQ:TOWN)

GSA Capital Partners LLP reduced its stake in TowneBank (NASDAQ:TOWN) by 27.1% in the first quarter, Holdings Channel.com reports. The fund owned 21,518 shares of the bank’s stock after selling 7,984 shares during the period. GSA Capital Partners LLP’s holdings in TowneBank were worth $604,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in TOWN. Vanguard Group Inc. boosted its holdings in shares of TowneBank by 1.4% in the third quarter. Vanguard Group Inc. now owns 7,409,093 shares of the bank’s stock worth $169,891,000 after acquiring an additional 101,677 shares during the period. Anchor Investment Management LLC bought a new stake in TowneBank during the fourth quarter valued at $357,000. Sound Income Strategies LLC bought a new stake in TowneBank during the fourth quarter valued at $79,000. DAVENPORT & Co LLC boosted its stake in TowneBank by 0.5% during the fourth quarter. DAVENPORT & Co LLC now owns 86,871 shares of the bank’s stock valued at $2,585,000 after buying an additional 432 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in TowneBank by 4.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,596 shares of the bank’s stock valued at $940,000 after buying an additional 1,312 shares during the period. 55.99% of the stock is owned by institutional investors.

TowneBank Stock Performance

NASDAQ:TOWN opened at $29.66 on Friday. The firm has a market capitalization of $2.22 billion, a price-to-earnings ratio of 14.76 and a beta of 0.90. TowneBank has a 52-week low of $21.63 and a 52-week high of $31.08. The stock has a fifty day moving average of $27.07 and a 200 day moving average of $27.45.

TowneBank (NASDAQ:TOWN) last issued its quarterly earnings results on Wednesday, April 24th. The bank reported $0.48 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.48. TowneBank had a return on equity of 7.45% and a net margin of 15.50%. The firm had revenue of $167.10 million during the quarter, compared to analyst estimates of $169.68 million. During the same quarter in the previous year, the company posted $0.62 earnings per share. The company’s revenue was down 9.2% compared to the same quarter last year. Equities analysts forecast that TowneBank will post 2.06 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend was Friday, June 28th. TowneBank’s dividend payout ratio (DPR) is currently 49.75%.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered TowneBank from a “hold” rating to a “sell” rating in a research note on Thursday, July 4th.

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.