Royce & Associates LP Sells 3,485 Shares of TowneBank (NASDAQ:TOWN)

Royce & Associates LP reduced its stake in TowneBank (NASDAQ:TOWN) by 0.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 485,817 shares of the bank’s stock after selling 3,485 shares during the quarter. Royce & Associates LP owned approximately 0.65% of TowneBank worth $16,061,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its holdings in TowneBank by 2.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,269,588 shares of the bank’s stock worth $116,431,000 after purchasing an additional 119,459 shares during the period. Victory Capital Management Inc. raised its holdings in TowneBank by 7,668.0% in the 3rd quarter. Victory Capital Management Inc. now owns 1,974,871 shares of the bank’s stock worth $65,289,000 after purchasing an additional 1,949,448 shares during the period. American Century Companies Inc. raised its holdings in TowneBank by 0.3% in the 2nd quarter. American Century Companies Inc. now owns 784,909 shares of the bank’s stock worth $21,404,000 after purchasing an additional 2,676 shares during the period. Renaissance Technologies LLC raised its holdings in TowneBank by 1.3% in the 2nd quarter. Renaissance Technologies LLC now owns 638,241 shares of the bank’s stock worth $17,405,000 after purchasing an additional 8,100 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings 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 worth $13,769,000 after purchasing an additional 21,143 shares during the period. 55.99% of the stock is owned by institutional investors.

TowneBank Trading Down 0.1 %

Shares of NASDAQ:TOWN opened at $35.21 on Friday. TowneBank has a 12 month low of $25.70 and a 12 month high of $36.67. The company has a 50-day moving average price of $33.74 and a 200 day moving average price of $30.93. The company has a market cap of $2.64 billion, a price-to-earnings ratio of 17.69 and a beta of 0.89.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02. TowneBank had a net margin of 14.89% and a return on equity of 7.41%. The firm had revenue of $258.86 million during the quarter, compared to the consensus estimate of $179.80 million. During the same quarter last year, the firm earned $0.60 EPS. As a group, equities analysts forecast that TowneBank will post 2.07 EPS for the current year.

TowneBank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.84%. The ex-dividend date was Monday, September 30th. TowneBank’s payout ratio is currently 50.25%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods upgraded TowneBank from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $35.00 to $40.00 in a research report on Wednesday, October 2nd.

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.