LSV Asset Management Decreases Stake in TowneBank (NASDAQ:TOWN)

LSV Asset Management lessened its holdings in shares of TowneBank (NASDAQ:TOWN) by 15.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 353,323 shares of the bank’s stock after selling 63,900 shares during the quarter. LSV Asset Management owned about 0.49% of TowneBank worth $10,515,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of TOWN. Vanguard Group Inc. lifted its position in shares of TowneBank by 1.4% during the third quarter. Vanguard Group Inc. now owns 7,409,093 shares of the bank’s stock worth $169,891,000 after acquiring an additional 101,677 shares in the last quarter. Nuance Investments LLC lifted its holdings in shares of TowneBank by 40.1% in the third quarter. Nuance Investments LLC now owns 2,372,044 shares of the bank’s stock worth $54,391,000 after buying an additional 678,368 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of TowneBank by 5.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 752,382 shares of the bank’s stock valued at $17,252,000 after acquiring an additional 41,667 shares during the period. Victory Capital Management Inc. grew its stake in TowneBank by 41.4% during the fourth quarter. Victory Capital Management Inc. now owns 265,062 shares of the bank’s stock valued at $7,888,000 after acquiring an additional 77,621 shares in the last quarter. Finally, Raymond James & Associates increased its holdings in TowneBank by 15.6% during the 3rd quarter. Raymond James & Associates now owns 212,708 shares of the bank’s stock worth $4,877,000 after acquiring an additional 28,667 shares during the period. Institutional investors own 55.99% of the company’s stock.

TowneBank Trading Down 1.3 %

Shares of TOWN opened at $27.11 on Wednesday. TowneBank has a 1-year low of $21.22 and a 1-year high of $31.08. The company has a market capitalization of $1.97 billion, a P/E ratio of 13.49 and a beta of 0.89. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.88 and a quick ratio of 0.87. The firm’s 50 day simple moving average is $26.98 and its 200 day simple moving average is $27.36.

TowneBank (NASDAQ:TOWN) last announced its earnings results on Wednesday, April 24th. The bank reported $0.48 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.48. TowneBank had a net margin of 15.50% and a return on equity of 7.51%. The company had revenue of $167.10 million during the quarter, compared to analyst estimates of $169.68 million. During the same period in the previous year, the business earned $0.62 earnings per share. The firm’s quarterly revenue was down 9.2% compared to the same quarter last year. Sell-side analysts forecast that TowneBank will post 2.13 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.69%. TowneBank’s dividend payout ratio is 49.75%.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of TowneBank from a “hold” rating to a “sell” rating in a research report on Thursday, February 8th.

TowneBank Company 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.