Reliance Trust Co. Decreases Stock Position in TowneBank (NASDAQ:TOWN)

Reliance Trust Co. trimmed its position in shares of TowneBank (NASDAQ:TOWN) by 0.1% during the 3rd quarter, Holdings Channel reports. The firm owned 818,578 shares of the bank’s stock after selling 467 shares during the period. TowneBank comprises 82.7% of Reliance Trust Co.’s investment portfolio, making the stock its biggest position. Reliance Trust Co.’s holdings in TowneBank were worth $22,761,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in TOWN. Tower Research Capital LLC TRC bought a new stake in shares of TowneBank during the 2nd quarter valued at $29,000. Steward Partners Investment Advisory LLC bought a new stake in shares of TowneBank during the 2nd quarter valued at $34,000. Meridian Wealth Management LLC bought a new stake in shares of TowneBank during the 1st quarter valued at $147,000. Amundi Pioneer Asset Management Inc. bought a new stake in shares of TowneBank during the 1st quarter valued at $149,000. Finally, Bank of Montreal Can raised its position in shares of TowneBank by 537.5% during the 2nd quarter. Bank of Montreal Can now owns 6,751 shares of the bank’s stock valued at $185,000 after purchasing an additional 5,692 shares during the period. Hedge funds and other institutional investors own 47.20% of the company’s stock.

Several analysts have recently commented on the stock. BidaskClub upgraded shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Saturday, September 14th. Zacks Investment Research upgraded shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Wednesday, September 11th. Piper Jaffray Companies assumed coverage on shares of TowneBank in a research report on Tuesday, July 16th. They set a “neutral” rating and a $27.00 price objective on the stock. Finally, ValuEngine upgraded shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. Five research analysts have rated the stock with a hold rating, The stock presently has an average rating of “Hold” and a consensus target price of $29.00.

TOWN traded up $0.63 during trading on Friday, hitting $27.72. 7,718 shares of the company traded hands, compared to its average volume of 168,300. The company has a market cap of $1.95 billion, a PE ratio of 14.01 and a beta of 1.10. The stock’s 50-day simple moving average is $27.10 and its two-hundred day simple moving average is $26.70. TowneBank has a 1 year low of $22.88 and a 1 year high of $30.66. The company has a current ratio of 0.98, a quick ratio of 0.94 and a debt-to-equity ratio of 0.33.

TowneBank (NASDAQ:TOWN) last posted its earnings results on Thursday, July 25th. The bank reported $0.48 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by ($0.04). The company had revenue of $144.54 million for the quarter, compared to analysts’ expectations of $140.67 million. TowneBank had a net margin of 21.63% and a return on equity of 9.06%. Equities analysts expect that TowneBank will post 1.84 EPS for the current year.

The business also recently announced a — dividend, which was paid on Thursday, October 10th. Investors of record on Monday, September 30th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a yield of 2.7%. TowneBank’s payout ratio is 36.36%.

About TowneBank

TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.

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Institutional Ownership by Quarter for TowneBank (NASDAQ:TOWN)

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