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

Voloridge Investment Management LLC cut its holdings in shares of TowneBank (NASDAQ:TOWN - Free Report) by 46.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 19,752 shares of the bank's stock after selling 17,085 shares during the period. Voloridge Investment Management LLC's holdings in TowneBank were worth $673,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Picton Mahoney Asset Management bought a new stake in TowneBank during the 4th quarter valued at $28,000. Blue Trust Inc. lifted its stake in shares of 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 purchasing an additional 1,034 shares during the last quarter. Sterling Capital Management LLC lifted its stake in shares of TowneBank by 807.8% during the 4th quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank's stock worth $75,000 after purchasing an additional 1,971 shares during the last quarter. Federated Hermes Inc. bought a new stake in TowneBank during the fourth quarter valued at about $82,000. Finally, KBC Group NV grew its stake in TowneBank by 28.2% in the fourth quarter. KBC Group NV now owns 3,858 shares of the bank's stock valued at $131,000 after purchasing an additional 848 shares during the last quarter. 55.99% of the stock is owned by hedge funds and other institutional investors.

TowneBank Stock Performance

NASDAQ:TOWN traded up $0.14 during mid-day trading on Friday, hitting $34.70. 397,609 shares of the company's stock traded hands, compared to its average volume of 256,494. The company has a fifty day moving average of $33.17 and a 200 day moving average of $34.64. TowneBank has a twelve month low of $25.70 and a twelve month high of $38.28. The company has a market capitalization of $2.60 billion, a P/E ratio of 16.14 and a beta of 0.79.

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

TowneBank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a dividend of $0.27 per share. This is an increase from TowneBank's previous quarterly dividend of $0.25. This represents a $1.08 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend is Friday, June 27th. TowneBank's payout ratio is presently 45.76%.

Wall Street Analyst Weigh In

Several analysts have commented on TOWN shares. Hovde Group increased their price target on shares of TowneBank from $38.00 to $39.00 and gave the company an "outperform" rating in a research report on Monday, April 28th. Wall Street Zen raised shares of TowneBank from a "sell" rating to a "hold" rating in a research report on Friday.

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.