Hsbc Holdings PLC Decreases Position in TowneBank (NASDAQ:TOWN)

Hsbc Holdings PLC reduced its stake in TowneBank (NASDAQ:TOWN) by 8.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,177 shares of the bank’s stock after selling 717 shares during the period. Hsbc Holdings PLC’s holdings in TowneBank were worth $278,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC grew its position in shares of TowneBank by 107.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,619 shares of the bank’s stock valued at $191,000 after buying an additional 2,908 shares during the last quarter. MetLife Investment Management LLC increased its position in shares of TowneBank by 5.8% during the fourth quarter. MetLife Investment Management LLC now owns 42,679 shares of the bank’s stock worth $1,454,000 after purchasing an additional 2,332 shares in the last quarter. Guggenheim Capital LLC lifted its holdings in shares of TowneBank by 10.6% in the 4th quarter. Guggenheim Capital LLC now owns 118,781 shares of the bank’s stock valued at $4,046,000 after purchasing an additional 11,345 shares during the last quarter. Barclays PLC boosted its position in shares of TowneBank by 6.5% in the 4th quarter. Barclays PLC now owns 153,218 shares of the bank’s stock valued at $5,218,000 after purchasing an additional 9,304 shares during the period. Finally, Summit Investment Advisors Inc. grew its stake in TowneBank by 5.4% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,354 shares of the bank’s stock worth $250,000 after buying an additional 376 shares during the last quarter. Institutional investors and hedge funds own 55.99% of the company’s stock.

TowneBank Trading Down 0.4 %

NASDAQ:TOWN opened at $33.84 on Friday. The stock’s 50 day simple moving average is $33.14 and its 200-day simple moving average is $34.54. TowneBank has a 12-month low of $25.70 and a 12-month high of $38.28. The firm has a market cap of $2.54 billion, a P/E ratio of 15.74 and a beta of 0.79.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. The company had revenue of $190.04 million during the quarter, compared to the consensus estimate of $191.29 million. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. TowneBank’s quarterly revenue was up 14.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.48 EPS. Research analysts forecast that TowneBank will post 2.6 EPS for the current fiscal year.

TowneBank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Monday, March 31st were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date was Monday, March 31st. TowneBank’s dividend payout ratio is presently 42.37%.

Wall Street Analyst Weigh In

TOWN has been the topic of a number of research reports. Stephens restated an “equal weight” rating and set a $41.00 target price on shares of TowneBank in a research report on Thursday, January 23rd. Hovde Group raised their price objective on shares of TowneBank from $38.00 to $39.00 and gave the stock an “outperform” rating in a research report on Monday, April 28th.

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.