LSV Asset Management Lowers Stock Position in TowneBank (NASDAQ:TOWN)

LSV Asset Management reduced its stake in TowneBank (NASDAQ:TOWN - Free Report) by 15.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 353,323 shares of the bank's stock after selling 63,900 shares during the period. LSV Asset Management owned 0.49% of TowneBank worth $10,515,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Cary Street Partners Investment Advisory LLC boosted its position in TowneBank by 150.3% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 64,438 shares of the bank's stock worth $2,036,000 after acquiring an additional 38,696 shares during the period. Vanguard Group Inc. lifted its stake in TowneBank by 1.4% during the third quarter. Vanguard Group Inc. now owns 7,409,093 shares of the bank's stock valued at $169,891,000 after buying an additional 101,677 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of TowneBank by 739.1% in the third quarter. Victory Capital Management Inc. now owns 187,441 shares of the bank's stock worth $4,298,000 after buying an additional 165,102 shares during the period. DAVENPORT & Co LLC lifted its position in shares of TowneBank by 0.5% in the 4th quarter. DAVENPORT & Co LLC now owns 86,871 shares of the bank's stock valued at $2,585,000 after acquiring an additional 432 shares in the last quarter. Finally, Rhumbline Advisers grew its position in TowneBank by 0.9% during the 3rd quarter. Rhumbline Advisers now owns 136,496 shares of the bank's stock worth $3,130,000 after purchasing an additional 1,182 shares in the last quarter. 55.99% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered TowneBank from a "hold" rating to a "sell" rating in a research report on Thursday, February 8th.

TowneBank Stock Up 0.8 %

Shares of NASDAQ:TOWN traded up $0.22 during midday trading on Wednesday, hitting $27.33. 169,856 shares of the stock were exchanged, compared to its average volume of 244,750. The business's fifty day simple moving average is $26.98 and its two-hundred day simple moving average is $27.36. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 0.88. TowneBank has a 52-week low of $21.22 and a 52-week high of $31.08. The company has a market capitalization of $1.99 billion, a PE ratio of 13.60 and a beta of 0.89.

TowneBank (NASDAQ:TOWN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 24th. The bank reported $0.48 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.48. The business had revenue of $167.10 million during the quarter, compared to analyst estimates of $169.68 million. TowneBank had a return on equity of 7.51% and a net margin of 15.50%. The firm's revenue was down 9.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.62 EPS. As a group, research analysts predict that TowneBank will post 2.13 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.66%. The ex-dividend date was Wednesday, March 27th. TowneBank's payout ratio is 49.75%.

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.