Dimensional Fund Advisors LP Purchases 119,459 Shares of TowneBank (NASDAQ:TOWN)

Dimensional Fund Advisors LP raised its stake in TowneBank (NASDAQ:TOWN) by 2.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,269,588 shares of the bank’s stock after acquiring an additional 119,459 shares during the period. Dimensional Fund Advisors LP owned about 5.69% of TowneBank worth $116,431,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. TFO Wealth Partners LLC grew its holdings in shares of TowneBank by 43,600.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,311 shares of the bank’s stock worth $39,000 after purchasing an additional 1,308 shares during the last quarter. Innealta Capital LLC acquired a new position in TowneBank in the second quarter valued at about $62,000. Heritage Wealth Advisors increased its holdings in shares of TowneBank by 2,973.3% in the first quarter. Heritage Wealth Advisors now owns 3,565 shares of the bank’s stock worth $100,000 after acquiring an additional 3,449 shares in the last quarter. EMC Capital Management increased its holdings in shares of TowneBank by 230.4% in the first quarter. EMC Capital Management now owns 5,703 shares of the bank’s stock worth $160,000 after acquiring an additional 3,977 shares in the last quarter. Finally, Bessemer Group Inc. increased its holdings in shares of TowneBank by 45.2% in the first quarter. Bessemer Group Inc. now owns 6,817 shares of the bank’s stock worth $191,000 after acquiring an additional 2,121 shares in the last quarter. 55.99% of the stock is currently owned by institutional investors.

TowneBank Trading Down 1.1 %

NASDAQ:TOWN opened at $33.80 on Tuesday. The stock has a market cap of $2.54 billion, a P/E ratio of 16.82 and a beta of 0.89. The stock has a 50 day simple moving average of $32.93 and a 200 day simple moving average of $29.12. TowneBank has a 1-year low of $21.63 and a 1-year high of $35.10.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.09. The firm had revenue of $174.97 million during the quarter, compared to analysts’ expectations of $172.20 million. TowneBank had a return on equity of 7.56% and a net margin of 15.33%. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.52 EPS. As a group, sell-side analysts forecast 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 issued a $0.25 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 2.96%. TowneBank’s dividend payout ratio is presently 49.75%.

Analyst Upgrades and Downgrades

TOWN has been the subject of a number of research reports. StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods raised their price objective on TowneBank from $30.00 to $35.00 and gave the company a “market perform” rating in a research report on Monday, July 29th.

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.