Rhumbline Advisers Reduces Position in TowneBank (NASDAQ:TOWN)

Rhumbline Advisers decreased its holdings in shares of TowneBank (NASDAQ:TOWN) by 0.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 127,355 shares of the bank’s stock after selling 673 shares during the quarter. Rhumbline Advisers owned about 0.17% of TowneBank worth $4,338,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Wealth Enhancement Advisory Services LLC lifted its position in shares of TowneBank by 6.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 9,753 shares of the bank’s stock worth $322,000 after purchasing an additional 617 shares in the last quarter. Financial Security Advisor Inc. lifted its holdings in TowneBank by 5.2% in the 3rd quarter. Financial Security Advisor Inc. now owns 37,070 shares of the bank’s stock valued at $1,235,000 after acquiring an additional 1,830 shares during the last quarter. Entropy Technologies LP acquired a new stake in TowneBank in the 3rd quarter valued at about $312,000. Victory Capital Management Inc. lifted its holdings in TowneBank by 7,668.0% in the 3rd quarter. Victory Capital Management Inc. now owns 1,974,871 shares of the bank’s stock valued at $65,289,000 after acquiring an additional 1,949,448 shares during the last quarter. Finally, KBC Group NV acquired a new stake in TowneBank during the 3rd quarter worth about $100,000. Institutional investors and hedge funds own 55.99% of the company’s stock.

Analysts Set New Price Targets

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

TowneBank Stock Performance

NASDAQ:TOWN opened at $36.88 on Friday. The stock’s 50 day moving average price is $35.18 and its 200 day moving average price is $34.61. TowneBank has a 52 week low of $25.70 and a 52 week high of $38.28. The company has a market capitalization of $2.77 billion, a P/E ratio of 17.15 and a beta of 0.93.

TowneBank (NASDAQ:TOWN) last announced its earnings results on Wednesday, January 22nd. The bank reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. As a group, sell-side analysts forecast that TowneBank will post 2.6 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be given a $0.25 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.71%. TowneBank’s dividend payout ratio is 46.51%.

About TowneBank

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.