Bridgeway Capital Management LLC Has $1.16 Million Holdings in TowneBank (NASDAQ:TOWN)

Bridgeway Capital Management LLC reduced its position in shares of TowneBank (NASDAQ:TOWN - Free Report) by 90.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,048 shares of the bank's stock after selling 310,122 shares during the period. Bridgeway Capital Management LLC's holdings in TowneBank were worth $1,160,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TOWN. Picton Mahoney Asset Management acquired a new position in shares of TowneBank in the fourth quarter valued at approximately $28,000. Salem Investment Counselors Inc. purchased a new stake in shares of TowneBank during the 4th quarter worth approximately $34,000. Blue Trust Inc. increased its holdings in shares of TowneBank by 258.5% in the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock valued at $47,000 after acquiring an additional 1,034 shares during the period. Sterling Capital Management LLC increased its holdings in shares of TowneBank by 807.8% in the 4th quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank's stock valued at $75,000 after acquiring an additional 1,971 shares during the period. Finally, Federated Hermes Inc. acquired a new position in shares of TowneBank in the 4th quarter valued at $82,000. 55.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TOWN has been the topic of several recent research reports. Hovde Group boosted their price objective on shares of TowneBank from $38.00 to $39.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Stephens reaffirmed an "equal weight" rating and set a $41.00 price target on shares of TowneBank in a research note on Thursday, January 23rd.

TowneBank Trading Down 0.2%

NASDAQ:TOWN traded down $0.08 during trading hours on Friday, hitting $35.17. The stock had a trading volume of 83,751 shares, compared to its average volume of 254,430. TowneBank has a 1-year low of $25.70 and a 1-year high of $38.28. The business has a 50 day simple moving average of $33.16 and a two-hundred day simple moving average of $34.59. The company has a market cap of $2.64 billion, a PE ratio of 16.38 and a beta of 0.79.

TowneBank (NASDAQ:TOWN - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. The business had revenue of $190.04 million during the quarter, compared to the consensus estimate of $191.29 million. During the same quarter last year, the company earned $0.48 earnings per share. The business's quarterly revenue was up 14.9% compared to the same quarter last year. Research analysts expect that TowneBank will post 2.6 EPS for the current fiscal year.

TowneBank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.27 per share. This is an increase from TowneBank's previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, June 27th. This represents a $1.08 annualized dividend and a dividend yield of 3.07%. TowneBank's payout ratio is 42.37%.

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.