Truist Financial Corp Has $2.38 Million Stock Position in TowneBank (NASDAQ:TOWN)

Truist Financial Corp cut its position in shares of TowneBank (NASDAQ:TOWN - Free Report) by 79.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 79,845 shares of the bank's stock after selling 316,907 shares during the quarter. Truist Financial Corp owned approximately 0.11% of TowneBank worth $2,376,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of TOWN. EMC Capital Management grew its holdings in TowneBank by 72.6% in the third quarter. EMC Capital Management now owns 1,726 shares of the bank's stock valued at $40,000 after purchasing an additional 726 shares during the period. Sound Income Strategies LLC purchased a new stake in shares of TowneBank during the 4th quarter valued at $79,000. Signature Estate & Investment Advisors LLC acquired a new stake in shares of TowneBank during the 4th quarter worth $200,000. PNC Financial Services Group Inc. raised its position in shares of TowneBank by 5.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 13,844 shares of the bank's stock worth $317,000 after buying an additional 673 shares during the period. Finally, Teacher Retirement System of Texas boosted its holdings in TowneBank by 8.3% in the third quarter. Teacher Retirement System of Texas now owns 14,319 shares of the bank's stock valued at $328,000 after acquiring an additional 1,096 shares during the last quarter. Institutional investors and hedge funds own 55.99% of the company's stock.

TowneBank Trading Up 0.3 %

TOWN traded up $0.07 during trading on Thursday, hitting $27.40. 260,050 shares of the company's stock were exchanged, compared to its average volume of 244,919. The stock has a 50 day moving average price of $27.00 and a 200 day moving average price of $27.36. TowneBank has a 1 year low of $21.22 and a 1 year high of $31.08. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.10. The firm has a market cap of $1.99 billion, a P/E ratio of 13.63 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 for the quarter, hitting analysts' consensus estimates of $0.48. The firm had revenue of $167.10 million during the quarter, compared to analysts' expectations of $169.68 million. TowneBank had a net margin of 15.50% and a return on equity of 7.51%. The firm's revenue was down 9.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.62 EPS. As a group, analysts expect that TowneBank will post 2.13 EPS for the current fiscal year.

TowneBank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors 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 3.65%. The ex-dividend date of this dividend was Wednesday, March 27th. TowneBank's dividend payout ratio (DPR) is presently 49.75%.

Analysts Set New Price Targets

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

TowneBank 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.