TowneBank (NASDAQ:TOWN) Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC decreased its stake in TowneBank (NASDAQ:TOWN) by 5.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 79,881 shares of the bank’s stock after selling 4,466 shares during the quarter. DAVENPORT & Co LLC owned approximately 0.11% of TowneBank worth $2,721,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. KBC Group NV grew its position in shares of TowneBank by 28.2% in the fourth quarter. KBC Group NV now owns 3,858 shares of the bank’s stock valued at $131,000 after purchasing an additional 848 shares during the period. Blue Trust Inc. grew its position in shares of TowneBank by 258.5% in the fourth quarter. Blue Trust Inc. now owns 1,434 shares of the bank’s stock valued at $47,000 after purchasing an additional 1,034 shares during the period. Salem Investment Counselors Inc. acquired a new stake in shares of TowneBank in the fourth quarter valued at about $34,000. Harbor Capital Advisors Inc. grew its position in shares of TowneBank by 1.9% in the fourth quarter. Harbor Capital Advisors Inc. now owns 20,073 shares of the bank’s stock valued at $684,000 after purchasing an additional 383 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of TowneBank by 16.1% in the third quarter. JPMorgan Chase & Co. now owns 361,960 shares of the bank’s stock valued at $11,966,000 after purchasing an additional 50,149 shares during the period. Institutional investors and hedge funds own 55.99% of the company’s stock.

TowneBank Trading Up 2.5 %

TOWN opened at $36.35 on Wednesday. The firm has a market capitalization of $2.73 billion, a PE ratio of 16.91 and a beta of 0.93. TowneBank has a twelve month low of $25.70 and a twelve month high of $38.28. The firm’s 50-day moving average price is $35.09 and its 200 day moving average price is $34.11.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. As a group, analysts predict that TowneBank will post 2.53 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date of this dividend was Tuesday, December 31st. TowneBank’s dividend payout ratio (DPR) is presently 46.51%.

Analyst Upgrades and Downgrades

Separately, Stephens restated an “equal weight” rating and set a $41.00 price target 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.