Empowered Funds LLC Sells 189,252 Shares of TowneBank (NASDAQ:TOWN)

Empowered Funds LLC lowered its stake in shares of TowneBank (NASDAQ:TOWN) by 84.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 35,990 shares of the bank’s stock after selling 189,252 shares during the quarter. Empowered Funds LLC’s holdings in TowneBank were worth $1,226,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of TOWN. Victory Capital Management Inc. grew its holdings in shares of TowneBank by 7,668.0% during the 3rd quarter. Victory Capital Management Inc. now owns 1,974,871 shares of the bank’s stock worth $65,289,000 after acquiring an additional 1,949,448 shares during the period. Geode Capital Management LLC boosted its position in shares of TowneBank by 1.1% during the third quarter. Geode Capital Management LLC now owns 1,685,643 shares of the bank’s stock valued at $55,738,000 after purchasing an additional 18,929 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in TowneBank by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 839,050 shares of the bank’s stock worth $27,739,000 after purchasing an additional 7,738 shares during the period. JPMorgan Chase & Co. raised its holdings in TowneBank by 16.1% in the third quarter. JPMorgan Chase & Co. now owns 361,960 shares of the bank’s stock worth $11,966,000 after purchasing an additional 50,149 shares in the last quarter. Finally, Barclays PLC lifted its position in TowneBank by 90.8% during the third quarter. Barclays PLC now owns 143,914 shares of the bank’s stock valued at $4,758,000 after buying an additional 68,479 shares during the period. 55.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Stephens reaffirmed an “equal weight” rating and issued a $41.00 target price on shares of TowneBank in a research report on Thursday, January 23rd.

TowneBank Price Performance

TOWN opened at $36.84 on Monday. The firm has a market cap of $2.76 billion, a PE ratio of 17.13 and a beta of 0.93. The stock has a 50-day moving average price of $35.09 and a 200-day moving average price of $34.33. TowneBank has a 1 year low of $25.70 and a 1 year high of $38.28.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, beating 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, sell-side analysts anticipate that TowneBank will post 2.6 EPS for the current year.

TowneBank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.71%. The ex-dividend date was Tuesday, December 31st. TowneBank’s dividend payout ratio is currently 46.51%.

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.