TowneBank (TOWN) Position Cut by BB&T Securities LLC

BB&T Securities LLC lowered its holdings in shares of TowneBank (NASDAQ:TOWN) by 25.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 114,014 shares of the bank’s stock after selling 38,993 shares during the quarter. BB&T Securities LLC owned 0.16% of TowneBank worth $3,659,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of TOWN. Bank of New York Mellon Corp boosted its holdings in TowneBank by 112.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 802,478 shares of the bank’s stock valued at $25,760,000 after acquiring an additional 425,535 shares during the period. BlackRock Inc. boosted its holdings in TowneBank by 9.0% during the 2nd quarter. BlackRock Inc. now owns 4,423,045 shares of the bank’s stock valued at $141,980,000 after acquiring an additional 363,845 shares during the period. Dimensional Fund Advisors LP boosted its holdings in TowneBank by 9.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,294,141 shares of the bank’s stock valued at $65,613,000 after acquiring an additional 194,426 shares during the period. Banc Funds Co. LLC purchased a new position in TowneBank during the 1st quarter valued at $4,522,000. Finally, Mendon Capital Advisors Corp purchased a new position in TowneBank during the 1st quarter valued at $3,604,000. Institutional investors own 44.20% of the company’s stock.

Shares of NASDAQ TOWN opened at $31.40 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.01 and a quick ratio of 0.97. The firm has a market cap of $2.32 billion, a price-to-earnings ratio of 20.13 and a beta of 0.89. TowneBank has a twelve month low of $27.85 and a twelve month high of $35.30.

TowneBank (NASDAQ:TOWN) last issued its earnings results on Friday, July 27th. The bank reported $0.49 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.49. The business had revenue of $137.06 million during the quarter, compared to analyst estimates of $133.65 million. TowneBank had a return on equity of 9.46% and a net margin of 18.11%. research analysts expect that TowneBank will post 2.04 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 10th. Shareholders of record on Friday, September 28th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date is Thursday, September 27th. TowneBank’s dividend payout ratio (DPR) is presently 41.03%.

TOWN has been the subject of a number of recent analyst reports. BidaskClub upgraded TowneBank from a “hold” rating to a “buy” rating in a report on Wednesday, June 6th. Zacks Investment Research upgraded TowneBank from a “hold” rating to a “buy” rating and set a $37.00 price objective for the company in a report on Wednesday, August 1st. Brean Capital restated a “hold” rating on shares of TowneBank in a report on Monday, August 27th. Finally, Piper Jaffray Companies set a $34.00 price objective on TowneBank and gave the company a “hold” rating in a report on Monday, July 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $34.50.

About TowneBank

TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.

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Institutional Ownership by Quarter for TowneBank (NASDAQ:TOWN)

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