Towne Bank $TOWN Shares Sold by MBL Wealth LLC

MBL Wealth LLC cut its stake in shares of Towne Bank (NASDAQ:TOWN) by 24.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 107,771 shares of the bank’s stock after selling 34,357 shares during the period. MBL Wealth LLC owned approximately 0.14% of Towne Bank worth $3,842,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Public Employees Retirement System of Ohio acquired a new position in shares of Towne Bank in the 2nd quarter worth approximately $33,000. Farther Finance Advisors LLC increased its holdings in Towne Bank by 75.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 990 shares of the bank’s stock valued at $35,000 after purchasing an additional 425 shares during the last quarter. Nykredit A S acquired a new stake in Towne Bank in the 2nd quarter valued at approximately $45,000. Fifth Third Bancorp acquired a new stake in Towne Bank in the 1st quarter valued at approximately $68,000. Finally, Nisa Investment Advisors LLC raised its position in Towne Bank by 15.2% in the third quarter. Nisa Investment Advisors LLC now owns 3,290 shares of the bank’s stock valued at $118,000 after purchasing an additional 435 shares during the period. 55.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Zacks Research upgraded Towne Bank from a “strong sell” rating to a “hold” rating in a research note on Monday, June 29th. Weiss Ratings lowered Towne Bank from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Friday, October 2nd. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $39.50.

Towne Bank Stock Performance

NASDAQ TOWN opened at $36.74 on Friday. The company has a market cap of $2.90 billion, a P/E ratio of 10.32 and a beta of 0.71. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.90 and a quick ratio of 0.88. The stock has a 50-day moving average of $36.56 and a two-hundred day moving average of $35.97. Towne Bank has a 1-year low of $31.91 and a 1-year high of $39.03.

Towne Bank (NASDAQ:TOWN) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01). Towne Bank had a return on equity of 9.60% and a net margin of 25.64%. The business had revenue of $245.72 million for the quarter, compared to analysts’ expectations of $245.33 million. As a group, analysts anticipate that Towne Bank will post 3.13 EPS for the current year.

Towne Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Friday, September 25th were issued a $0.28 dividend. The ex-dividend date was Friday, September 25th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.0%. Towne Bank’s payout ratio is 31.46%.

About Towne Bank

TowneBank is a financial services company headquartered in coastal Virginia. Founded in 1999, the company operates as a community-focused banking organization serving individuals, families and businesses in southeastern Virginia and northeastern North Carolina.

Through its banking operations, TowneBank offers deposit accounts, consumer and commercial lending, mortgages, cash-management services, online and mobile banking, and other traditional financial products. Its business banking services support companies with commercial real estate financing, business loans, treasury management and related banking needs.

Beyond traditional banking, TowneBank provides services through affiliated businesses in areas that include mortgage lending, insurance, wealth management, real estate brokerage and property management.