Edgestream Partners L.P. Raises Stock Position in TowneBank (NASDAQ:TOWN)

Edgestream Partners L.P. boosted its position in shares of TowneBank (NASDAQ:TOWN) by 224.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,995 shares of the bank’s stock after acquiring an additional 33,195 shares during the period. Edgestream Partners L.P. owned 0.06% of TowneBank worth $1,309,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of TOWN. Norges Bank purchased a new position in TowneBank during the fourth quarter valued at approximately $10,851,000. Jacobs Levy Equity Management Inc. purchased a new position in TowneBank during the first quarter valued at approximately $4,907,000. Dimensional Fund Advisors LP grew its stake in TowneBank by 2.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,269,588 shares of the bank’s stock worth $116,431,000 after buying an additional 119,459 shares in the last quarter. Russell Investments Group Ltd. grew its stake in TowneBank by 92.5% in the 1st quarter. Russell Investments Group Ltd. now owns 181,730 shares of the bank’s stock worth $5,099,000 after buying an additional 87,332 shares in the last quarter. Finally, Quest Partners LLC grew its stake in TowneBank by 5,296,900.0% in the 2nd quarter. Quest Partners LLC now owns 52,970 shares of the bank’s stock worth $1,444,000 after buying an additional 52,969 shares in the last quarter. Hedge funds and other institutional investors own 55.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. StockNews.com raised shares of TowneBank from a “sell” rating to a “hold” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods raised their price target on shares of TowneBank from $30.00 to $35.00 and gave the stock a “market perform” rating in a report on Monday, July 29th.

TowneBank Trading Down 1.9 %

NASDAQ:TOWN opened at $34.19 on Friday. TowneBank has a 12 month low of $21.63 and a 12 month high of $35.10. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of 17.01 and a beta of 0.89. The company has a 50-day moving average price of $32.77 and a 200-day moving average price of $29.00.

TowneBank (NASDAQ:TOWN) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09. The company had revenue of $174.97 million during the quarter, compared to analysts’ expectations of $172.20 million. TowneBank had a net margin of 15.33% and a return on equity of 7.56%. TowneBank’s revenue was down 3.6% on a year-over-year basis. During the same period last year, the company posted $0.52 EPS. Equities analysts forecast that TowneBank will post 2.15 EPS for the current fiscal year.

TowneBank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 2.92%. TowneBank’s dividend payout ratio is currently 49.75%.

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.