Truist Financial Corp Sells 9,376 Shares of Towne Bank $TOWN

Truist Financial Corp trimmed its position in Towne Bank (NASDAQ:TOWN - Free Report) by 11.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 72,371 shares of the bank's stock after selling 9,376 shares during the quarter. Truist Financial Corp owned 0.10% of Towne Bank worth $2,474,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in TOWN. Wealth Enhancement Advisory Services LLC increased its stake in Towne Bank by 6.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 10,342 shares of the bank's stock valued at $352,000 after acquiring an additional 589 shares during the last quarter. GAMMA Investing LLC increased its stake in Towne Bank by 2,332.2% in the first quarter. GAMMA Investing LLC now owns 3,624 shares of the bank's stock valued at $124,000 after acquiring an additional 3,475 shares during the last quarter. SG Americas Securities LLC bought a new position in Towne Bank in the first quarter valued at approximately $525,000. Handelsbanken Fonder AB increased its stake in Towne Bank by 16.0% in the first quarter. Handelsbanken Fonder AB now owns 15,188 shares of the bank's stock valued at $519,000 after acquiring an additional 2,100 shares during the last quarter. Finally, SummerHaven Investment Management LLC increased its stake in Towne Bank by 1.4% in the first quarter. SummerHaven Investment Management LLC now owns 28,200 shares of the bank's stock valued at $964,000 after acquiring an additional 402 shares during the last quarter. 55.99% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Wall Street Zen raised shares of Towne Bank from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Towne Bank in a research note on Wednesday. Finally, Hovde Group boosted their target price on shares of Towne Bank from $39.00 to $41.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $41.00.

Towne Bank Price Performance

TOWN stock opened at $33.68 on Friday. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of 14.64 and a beta of 0.84. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.01. Towne Bank has a 12-month low of $29.43 and a 12-month high of $38.28. The company's fifty day simple moving average is $35.70 and its 200 day simple moving average is $34.54.

Towne Bank (NASDAQ:TOWN - Get Free Report) last released its earnings results on Wednesday, July 23rd. The bank reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.12. The business had revenue of $207.44 million for the quarter, compared to analyst estimates of $202.18 million. Towne Bank had a net margin of 16.49% and a return on equity of 8.99%. Towne Bank's revenue for the quarter was up 18.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.57 earnings per share. On average, analysts expect that Towne Bank will post 2.6 earnings per share for the current year.

Towne Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Monday, September 29th will be issued a $0.27 dividend. The ex-dividend date is Monday, September 29th. This represents a $1.08 annualized dividend and a yield of 3.2%. Towne Bank's payout ratio is presently 46.96%.

About Towne Bank

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.

Want to see what other hedge funds are holding TOWN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Towne Bank (NASDAQ:TOWN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.