Nuance Investments LLC Increases Stock Position in TowneBank (NASDAQ:TOWN)

Nuance Investments LLC lifted its holdings in shares of TowneBank (NASDAQ:TOWN - Free Report) by 1.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,410,827 shares of the bank's stock after buying an additional 38,783 shares during the period. TowneBank comprises 1.6% of Nuance Investments LLC's investment portfolio, making the stock its 22nd biggest holding. Nuance Investments LLC owned approximately 3.31% of TowneBank worth $71,746,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. EMC Capital Management raised its position in TowneBank by 72.6% in the third quarter. EMC Capital Management now owns 1,726 shares of the bank's stock worth $40,000 after acquiring an additional 726 shares in the last quarter. Sound Income Strategies LLC acquired a new stake in shares of TowneBank in the fourth quarter valued at about $79,000. Signature Estate & Investment Advisors LLC purchased a new stake in TowneBank during the fourth quarter worth about $200,000. PNC Financial Services Group Inc. grew its position in TowneBank by 5.1% during the third 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 increased 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 buying an additional 1,096 shares in the last quarter. 55.99% of the stock is owned by institutional investors and hedge funds.

TowneBank Price Performance

TOWN traded up $0.05 during midday trading on Friday, reaching $27.45. 204,349 shares of the company's stock were exchanged, compared to its average volume of 246,490. TowneBank has a 1-year low of $21.22 and a 1-year high of $31.08. The stock has a market capitalization of $2.00 billion, a PE ratio of 13.66 and a beta of 0.89. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.88 and a quick ratio of 0.87. The business's 50-day moving average price is $27.01 and its 200 day moving average price is $27.48.

TowneBank (NASDAQ:TOWN - Get Free Report) last announced its earnings results on Wednesday, April 24th. The bank reported $0.48 EPS for the quarter, meeting analysts' consensus estimates of $0.48. TowneBank had a return on equity of 7.51% and a net margin of 15.50%. The firm had revenue of $167.10 million for the quarter, compared to analysts' expectations of $169.68 million. During the same quarter in the prior year, the firm earned $0.62 EPS. TowneBank's quarterly revenue was down 9.2% on a year-over-year basis. As a group, equities analysts anticipate that TowneBank will post 2.08 EPS for the current fiscal year.

TowneBank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.64%. The ex-dividend date of this dividend was Wednesday, March 27th. TowneBank's payout ratio is 49.75%.

Analyst Ratings Changes

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

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.

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