Boothbay Fund Management LLC Decreases Stock Holdings in TowneBank (NASDAQ:TOWN)

Boothbay Fund Management LLC trimmed its holdings in shares of TowneBank (NASDAQ:TOWN - Free Report) by 56.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,850 shares of the bank's stock after selling 87,506 shares during the period. Boothbay Fund Management LLC owned about 0.09% of TowneBank worth $2,311,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in TowneBank by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 7,482,171 shares of the bank's stock worth $254,843,000 after buying an additional 49,970 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in TowneBank by 5.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,344,673 shares of the bank's stock valued at $147,980,000 after purchasing an additional 210,521 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in TowneBank by 9.1% in the 4th quarter. Victory Capital Management Inc. now owns 2,155,201 shares of the bank's stock valued at $73,406,000 after purchasing an additional 180,330 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of TowneBank by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 845,335 shares of the bank's stock worth $28,792,000 after buying an additional 6,285 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of TowneBank by 6.9% in the fourth quarter. Renaissance Technologies LLC now owns 714,850 shares of the bank's stock valued at $24,348,000 after buying an additional 46,400 shares during the last quarter. 55.99% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on the stock. Hovde Group lifted their target price on shares of TowneBank from $38.00 to $39.00 and gave the stock an "outperform" rating in a research note on Monday, April 28th. Stephens reaffirmed an "equal weight" rating and issued a $41.00 price objective on shares of TowneBank in a research report on Thursday, January 23rd.

TowneBank Stock Up 2.5 %

Shares of TOWN traded up $0.84 during mid-day trading on Friday, hitting $33.82. The company had a trading volume of 174,804 shares, compared to its average volume of 258,364. TowneBank has a 1-year low of $25.70 and a 1-year high of $38.28. The business's 50-day simple moving average is $33.40 and its 200-day simple moving average is $34.57. The stock has a market cap of $2.54 billion, a PE ratio of 15.73 and a beta of 0.79.

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

TowneBank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Monday, March 31st were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date was Monday, March 31st. TowneBank's dividend payout ratio (DPR) is presently 42.37%.

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.