TowneBank (NASDAQ:TOWN) Shares Acquired by Heritage Wealth Advisors

Heritage Wealth Advisors boosted its holdings in shares of TowneBank (NASDAQ:TOWN) by 2,973.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,565 shares of the bank’s stock after purchasing an additional 3,449 shares during the period. Heritage Wealth Advisors’ holdings in TowneBank were worth $100,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TOWN. ProShare Advisors LLC lifted its position in shares of TowneBank by 8.6% in the 1st quarter. ProShare Advisors LLC now owns 12,617 shares of the bank’s stock valued at $354,000 after acquiring an additional 1,000 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of TowneBank by 92.5% in the 1st quarter. Russell Investments Group Ltd. now owns 181,730 shares of the bank’s stock valued at $5,099,000 after acquiring an additional 87,332 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in shares of TowneBank by 2.9% in the 1st quarter. Oppenheimer & Co. Inc. now owns 25,528 shares of the bank’s stock valued at $716,000 after acquiring an additional 719 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of TowneBank in the 1st quarter valued at approximately $234,000. Finally, Empowered Funds LLC lifted its position in shares of TowneBank by 8.2% in the 1st quarter. Empowered Funds LLC now owns 196,880 shares of the bank’s stock valued at $5,524,000 after acquiring an additional 14,875 shares in the last quarter. 55.99% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, StockNews.com downgraded shares of TowneBank from a “hold” rating to a “sell” rating in a research report on Thursday, July 4th.

TowneBank Price Performance

TowneBank stock traded up $0.32 during trading hours on Wednesday, hitting $31.59. The company had a trading volume of 368,671 shares, compared to its average volume of 253,153. The firm has a market capitalization of $2.37 billion, a P/E ratio of 15.68 and a beta of 0.90. The firm’s fifty day moving average is $27.21 and its 200-day moving average is $27.43. TowneBank has a fifty-two week low of $21.63 and a fifty-two week high of $31.78.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings data on Wednesday, April 24th. The bank reported $0.48 earnings per share for the quarter, meeting the consensus estimate of $0.48. The firm had revenue of $167.10 million for the quarter, compared to analyst estimates of $169.68 million. TowneBank had a net margin of 15.50% and a return on equity of 7.45%. The company’s revenue for the quarter was down 9.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.62 EPS. Analysts anticipate that TowneBank will post 2.06 earnings per share for the current year.

TowneBank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.00 annualized dividend and a yield of 3.17%. TowneBank’s dividend payout ratio is presently 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.