TowneBank (NASDAQ:TOWN) Shares Bought by Cary Street Partners Investment Advisory LLC

Cary Street Partners Investment Advisory LLC lifted its position in shares of TowneBank (NASDAQ:TOWN) by 150.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 64,438 shares of the bank’s stock after acquiring an additional 38,696 shares during the quarter. Cary Street Partners Investment Advisory LLC owned 0.09% of TowneBank worth $2,036,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. EMC Capital Management boosted its position in shares of TowneBank by 72.6% during the 3rd quarter. EMC Capital Management now owns 1,726 shares of the bank’s stock worth $40,000 after purchasing an additional 726 shares in the last quarter. Sound Income Strategies LLC acquired a new position in TowneBank during the fourth quarter worth about $79,000. Signature Estate & Investment Advisors LLC purchased a new position in TowneBank in the fourth quarter valued at about $200,000. Canvas Wealth Advisors LLC lifted its position in shares of TowneBank by 48.4% during the 3rd quarter. Canvas Wealth Advisors LLC now owns 13,028 shares of the bank’s stock valued at $287,000 after acquiring an additional 4,250 shares during the period. Finally, PNC Financial Services Group Inc. boosted its stake in shares of TowneBank by 5.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 13,844 shares of the bank’s stock worth $317,000 after acquiring an additional 673 shares in the last quarter. 55.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on TOWN shares. StockNews.com cut TowneBank from a “hold” rating to a “sell” rating in a report on Thursday, February 8th. Raymond James lifted their price target on TowneBank from $28.00 to $32.00 and gave the stock an “outperform” rating in a research note on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, TowneBank currently has a consensus rating of “Hold” and an average price target of $29.00.

TowneBank Price Performance

Shares of NASDAQ TOWN traded down $0.26 during trading on Tuesday, reaching $25.98. The company had a trading volume of 63,577 shares, compared to its average volume of 243,334. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $1.89 billion, a PE ratio of 12.90 and a beta of 0.89. TowneBank has a twelve month low of $21.22 and a twelve month high of $31.08. The stock has a 50-day moving average price of $27.02 and a two-hundred day moving average price of $27.18.

TowneBank (NASDAQ:TOWN) last announced its earnings results on Wednesday, April 24th. The bank reported $0.48 earnings per share for the quarter, meeting the consensus estimate of $0.48. TowneBank had a net margin of 15.50% and a return on equity of 7.51%. The firm had revenue of $167.10 million during the quarter, compared to the consensus estimate of $169.68 million. During the same quarter in the previous year, the company posted $0.62 EPS. The firm’s revenue for the quarter was down 9.2% on a year-over-year basis. As a group, sell-side analysts predict that TowneBank will post 2.15 earnings per share for the current year.

TowneBank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were paid a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.00 annualized dividend and a yield of 3.85%. TowneBank’s payout ratio is currently 49.75%.

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.