TowneBank (NASDAQ:TOWN) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D cut its holdings in TowneBank (NASDAQ:TOWN) by 32.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 70,065 shares of the bank’s stock after selling 33,544 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.09% of TowneBank worth $1,911,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of TowneBank in the 4th quarter valued at approximately $10,851,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of TowneBank in the first quarter worth $4,907,000. Russell Investments Group Ltd. lifted its stake in shares of TowneBank by 92.5% during the first 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 during the period. Quest Partners LLC grew its holdings in shares of TowneBank by 5,296,900.0% during the second quarter. Quest Partners LLC now owns 52,970 shares of the bank’s stock valued at $1,444,000 after buying an additional 52,969 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of TowneBank by 4.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 784,137 shares of the bank’s stock valued at $23,336,000 after acquiring an additional 31,755 shares during the period. Institutional investors and hedge funds own 55.99% of the company’s stock.

TowneBank Price Performance

Shares of TowneBank stock opened at $34.19 on Friday. The stock has a market cap of $2.56 billion, a PE ratio of 17.01 and a beta of 0.89. The firm has a fifty day moving average price of $32.86 and a 200 day moving average price of $29.07. TowneBank has a 1 year low of $21.63 and a 1 year high of $35.10.

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

TowneBank Dividend Announcement

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

Analyst Ratings Changes

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

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.