TowneBank (NASDAQ:TOWN) Shares Sold by Voloridge Investment Management LLC

Voloridge Investment Management LLC trimmed its stake in shares of TowneBank (NASDAQ:TOWN - Free Report) by 46.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,752 shares of the bank's stock after selling 17,085 shares during the quarter. Voloridge Investment Management LLC's holdings in TowneBank were worth $673,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Picton Mahoney Asset Management acquired a new position in shares of TowneBank during the fourth quarter worth about $28,000. Blue Trust Inc. grew its holdings in TowneBank by 258.5% during the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock worth $47,000 after acquiring an additional 1,034 shares in the last quarter. Sterling Capital Management LLC increased its position 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 purchasing an additional 1,971 shares during the last quarter. Federated Hermes Inc. acquired a new stake in shares of TowneBank in the 4th quarter valued at $82,000. Finally, KBC Group NV raised its holdings in shares of TowneBank by 28.2% in the 4th quarter. KBC Group NV now owns 3,858 shares of the bank's stock valued at $131,000 after purchasing an additional 848 shares in the last quarter. Hedge funds and other institutional investors own 55.99% of the company's stock.

TowneBank Trading Up 0.1%

Shares of TowneBank stock traded up $0.05 on Tuesday, reaching $34.40. 229,806 shares of the stock were exchanged, compared to its average volume of 257,044. The firm has a market capitalization of $2.58 billion, a PE ratio of 16.00 and a beta of 0.79. TowneBank has a 1-year low of $25.70 and a 1-year high of $38.28. The business has a fifty day moving average price of $33.14 and a two-hundred day moving average price of $34.62.

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

TowneBank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a dividend of $0.27 per share. This is a positive change from TowneBank's previous quarterly dividend of $0.25. This represents a $1.08 annualized dividend and a dividend yield of 3.14%. The ex-dividend date is Friday, June 27th. TowneBank's payout ratio is presently 45.76%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Wall Street Zen upgraded TowneBank from a "sell" rating to a "hold" rating in a research note on Friday. Hovde Group raised their price objective on shares of TowneBank from $38.00 to $39.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th.

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.