OLD Point Trust & Financial Services N A Trims Stock Position in TowneBank (NASDAQ:TOWN)

OLD Point Trust & Financial Services N A trimmed its holdings in TowneBank (NASDAQ:TOWN) by 4.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 21,887 shares of the bank’s stock after selling 985 shares during the quarter. OLD Point Trust & Financial Services N A’s holdings in TowneBank were worth $745,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. KBC Group NV purchased a new position in shares of TowneBank during the 3rd quarter valued at approximately $100,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of TowneBank in the third quarter worth about $552,000. Intech Investment Management LLC purchased a new stake in shares of TowneBank during the 3rd quarter worth about $322,000. Charles Schwab Investment Management Inc. grew its position in shares of TowneBank by 0.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 839,050 shares of the bank’s stock valued at $27,739,000 after acquiring an additional 7,738 shares during the period. Finally, Cerity Partners LLC increased its stake in shares of TowneBank by 1.1% in the 3rd quarter. Cerity Partners LLC now owns 109,144 shares of the bank’s stock valued at $3,608,000 after purchasing an additional 1,236 shares in the last quarter. 55.99% of the stock is owned by institutional investors and hedge funds.

TowneBank Stock Performance

NASDAQ:TOWN opened at $35.20 on Thursday. The stock has a market capitalization of $2.64 billion, a PE ratio of 16.37 and a beta of 0.88. TowneBank has a fifty-two week low of $25.70 and a fifty-two week high of $38.28. The company has a fifty day moving average of $35.43 and a two-hundred day moving average of $34.80.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. Research analysts forecast that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be given a $0.25 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.84%. TowneBank’s dividend payout ratio (DPR) is presently 46.51%.

Wall Street Analysts Forecast Growth

Separately, Stephens reiterated an “equal weight” rating and set a $41.00 price target on shares of TowneBank in a research report on Thursday, January 23rd.

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.