Evermay Wealth Management LLC Sells 1,000 Shares of TowneBank (NASDAQ:TOWN)

Evermay Wealth Management LLC cut its holdings in TowneBank (NASDAQ:TOWN) by 16.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,000 shares of the bank’s stock after selling 1,000 shares during the period. Evermay Wealth Management LLC’s holdings in TowneBank were worth $142,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Bessemer Group Inc. grew its holdings in TowneBank by 45.2% during the 1st quarter. Bessemer Group Inc. now owns 6,817 shares of the bank’s stock valued at $191,000 after purchasing an additional 2,121 shares during the last quarter. Edgestream Partners L.P. bought a new position in TowneBank during the 1st quarter valued at about $415,000. State Board of Administration of Florida Retirement System grew its holdings in TowneBank by 94.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 47,696 shares of the bank’s stock valued at $1,271,000 after purchasing an additional 23,184 shares during the last quarter. Heritage Wealth Advisors grew its holdings in TowneBank by 2,973.3% during the 1st quarter. Heritage Wealth Advisors now owns 3,565 shares of the bank’s stock valued at $100,000 after purchasing an additional 3,449 shares during the last quarter. Finally, ProShare Advisors LLC grew its holdings in TowneBank by 8.6% during the 1st quarter. ProShare Advisors LLC now owns 12,617 shares of the bank’s stock valued at $354,000 after purchasing an additional 1,000 shares during the last quarter. 55.99% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of TowneBank from a “hold” rating to a “sell” rating in a research report on Thursday, July 4th.

TowneBank Stock Up 3.8 %

Shares of NASDAQ TOWN traded up $1.23 during midday trading on Thursday, reaching $33.26. 732,443 shares of the company’s stock traded hands, compared to its average volume of 260,524. The stock’s 50 day simple moving average is $27.83 and its 200-day simple moving average is $27.58. TowneBank has a one year low of $21.63 and a one year high of $33.93. The company has a market cap of $2.49 billion, a price-to-earnings ratio of 16.55 and a beta of 0.90.

TowneBank (NASDAQ:TOWN) last announced its earnings results 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 company had revenue of $174.97 million during the quarter, compared to the consensus estimate of $172.20 million. TowneBank had a net margin of 15.50% and a return on equity of 7.45%. TowneBank’s revenue was down 3.6% compared to the same quarter last year. During the same period last year, the firm earned $0.52 earnings per share. Equities analysts predict that TowneBank will post 2.06 EPS for the current fiscal year.

TowneBank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.00 annualized dividend and a yield of 3.01%. TowneBank’s dividend payout ratio (DPR) is 49.75%.

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.