PNC Financial Services Group Inc. Sells 1,303 Shares of TowneBank (NASDAQ:TOWN)

PNC Financial Services Group Inc. trimmed its stake in shares of TowneBank (NASDAQ:TOWN) by 9.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,541 shares of the bank’s stock after selling 1,303 shares during the quarter. PNC Financial Services Group Inc.’s holdings in TowneBank were worth $373,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. TFO Wealth Partners LLC boosted its holdings in shares of TowneBank by 43,600.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,311 shares of the bank’s stock worth $39,000 after buying an additional 1,308 shares during the period. Sound Income Strategies LLC acquired a new position in shares of TowneBank in the fourth quarter valued at approximately $79,000. Signature Estate & Investment Advisors LLC bought a new position in shares of TowneBank during the fourth quarter worth approximately $200,000. Oak Harbor Wealth Partners LLC bought a new position in shares of TowneBank during the fourth quarter worth approximately $234,000. Finally, Eudaimonia Partners LLC acquired a new stake in TowneBank during the 4th quarter worth approximately $336,000. 55.99% of the stock is currently owned by institutional investors and hedge funds.

TowneBank Trading Up 1.0 %

NASDAQ TOWN opened at $27.27 on Friday. The company has a market cap of $2.05 billion, a price-to-earnings ratio of 13.57 and a beta of 0.91. The company has a 50 day moving average of $26.94 and a 200-day moving average of $27.63. TowneBank has a 1-year low of $21.63 and a 1-year high of $31.08.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings data on Wednesday, April 24th. The bank reported $0.48 earnings per share for the quarter, hitting the consensus estimate of $0.48. The business had revenue of $167.10 million during the quarter, compared to analysts’ expectations of $169.68 million. TowneBank had a net margin of 15.50% and a return on equity of 7.45%. TowneBank’s revenue was down 9.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.62 earnings per share. On average, equities research analysts forecast that TowneBank will post 2.07 earnings per share for the current year.

TowneBank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.00 dividend on an annualized basis and a yield of 3.67%. TowneBank’s dividend payout ratio (DPR) is 49.75%.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, June 24th.

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.