TowneBank (NASDAQ:TOWN) Shares Sold by Creative Planning

Creative Planning decreased its holdings in shares of TowneBank (NASDAQ:TOWN) by 6.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,072 shares of the bank’s stock after selling 1,233 shares during the quarter. Creative Planning’s holdings in TowneBank were worth $631,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new position in shares of TowneBank in the 2nd quarter worth approximately $62,000. Point72 DIFC Ltd purchased a new position in shares of TowneBank during the second quarter worth $73,000. Heritage Wealth Advisors grew its stake 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 valued at $100,000 after buying an additional 3,449 shares in the last quarter. EMC Capital Management grew its stake in shares of TowneBank by 230.4% in the first quarter. EMC Capital Management now owns 5,703 shares of the bank’s stock valued at $160,000 after buying an additional 3,977 shares in the last quarter. Finally, Bessemer Group Inc. raised its holdings in shares of TowneBank by 45.2% in the 1st quarter. Bessemer Group Inc. now owns 6,817 shares of the bank’s stock valued at $191,000 after buying an additional 2,121 shares during the period. Hedge funds and other institutional investors own 55.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. StockNews.com raised shares of TowneBank from a “sell” rating to a “hold” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods upgraded shares of TowneBank from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $35.00 to $40.00 in a research note on Wednesday, October 2nd.

TowneBank Trading Down 1.2 %

Shares of TOWN stock opened at $32.00 on Tuesday. The company has a market cap of $2.40 billion, a price-to-earnings ratio of 16.08 and a beta of 0.89. TowneBank has a 12-month low of $24.63 and a 12-month high of $35.74. The stock has a 50 day simple moving average of $33.60 and a 200-day simple moving average of $30.43.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.02. TowneBank had a return on equity of 7.41% and a net margin of 14.89%. The business had revenue of $258.86 million during the quarter, compared to the consensus estimate of $179.80 million. During the same quarter in the previous year, the company posted $0.60 EPS. On average, equities analysts forecast that TowneBank will post 2.11 earnings per share for the current fiscal year.

TowneBank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a $0.25 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 3.13%. TowneBank’s payout ratio is 50.25%.

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.