Oak Harbor Wealth Partners LLC Reduces Stock Position in TowneBank (NASDAQ:TOWN)

Oak Harbor Wealth Partners LLC trimmed its stake in TowneBank (NASDAQ:TOWN) by 25.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,257 shares of the bank’s stock after selling 2,151 shares during the period. Oak Harbor Wealth Partners LLC’s holdings in TowneBank were worth $207,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of TOWN. State Board of Administration of Florida Retirement System raised its position in TowneBank by 94.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 47,696 shares of the bank’s stock worth $1,271,000 after acquiring an additional 23,184 shares during the period. Russell Investments Group Ltd. raised its holdings in TowneBank by 92.5% during the first quarter. Russell Investments Group Ltd. now owns 181,730 shares of the bank’s stock worth $5,099,000 after purchasing an additional 87,332 shares in the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of TowneBank by 2,100.3% in the 1st quarter. Public Employees Retirement System of Ohio now owns 21,519 shares of the bank’s stock valued at $604,000 after acquiring an additional 20,541 shares during the period. Bank of New York Mellon Corp grew its position in TowneBank by 4.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 504,926 shares of the bank’s stock valued at $13,769,000 after buying an additional 21,143 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of TowneBank during the 3rd quarter worth $516,000. Institutional investors own 55.99% of the company’s stock.

TowneBank Stock Performance

Shares of TOWN stock opened at $35.25 on Friday. The stock’s fifty day moving average is $33.70 and its 200-day moving average is $30.86. The stock has a market capitalization of $2.64 billion, a PE ratio of 17.71 and a beta of 0.89. TowneBank has a 52 week low of $25.70 and a 52 week high of $36.67.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. The business had revenue of $258.86 million during the quarter, compared to the consensus estimate of $179.80 million. TowneBank had a return on equity of 7.41% and a net margin of 14.89%. During the same period last year, the company earned $0.60 earnings per share. As a group, analysts forecast that TowneBank will post 2.07 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. Stockholders of record on Monday, September 30th were given a dividend of $0.25 per share. The ex-dividend date was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.84%. TowneBank’s payout ratio is 50.25%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented 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 report on Wednesday, October 2nd.

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.