OLD Point Trust & Financial Services N A Reduces Position in Towne Bank $TOWN

OLD Point Trust & Financial Services N A decreased its position in Towne Bank (NASDAQ:TOWN) by 4.6% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 18,311 shares of the bank’s stock after selling 873 shares during the period. OLD Point Trust & Financial Services N A’s holdings in Towne Bank were worth $626,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. T. Rowe Price Investment Management Inc. grew its stake in shares of Towne Bank by 1.1% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,393,296 shares of the bank’s stock valued at $150,207,000 after buying an additional 48,623 shares during the period. Victory Capital Management Inc. grew its stake in shares of Towne Bank by 19.9% in the 1st quarter. Victory Capital Management Inc. now owns 2,584,688 shares of the bank’s stock valued at $88,370,000 after buying an additional 429,487 shares during the period. Royce & Associates LP grew its stake in shares of Towne Bank by 7.1% in the 1st quarter. Royce & Associates LP now owns 576,042 shares of the bank’s stock valued at $19,695,000 after buying an additional 37,989 shares during the period. Nuveen LLC purchased a new stake in shares of Towne Bank in the 1st quarter valued at approximately $15,584,000. Finally, Millennium Management LLC grew its stake in shares of Towne Bank by 56.6% in the 1st quarter. Millennium Management LLC now owns 381,761 shares of the bank’s stock valued at $13,052,000 after buying an additional 137,988 shares during the period. Hedge funds and other institutional investors own 55.99% of the company’s stock.

Analysts Set New Price Targets

TOWN has been the subject of several analyst reports. Hovde Group increased their price target on shares of Towne Bank from $39.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, July 24th. Wall Street Zen raised shares of Towne Bank from a “sell” rating to a “hold” rating in a research note on Sunday, August 3rd. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Towne Bank currently has an average rating of “Moderate Buy” and an average price target of $40.67.

Towne Bank Stock Performance

Shares of TOWN stock opened at $34.57 on Wednesday. The firm’s 50 day moving average price is $35.91 and its 200-day moving average price is $34.57. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.85 and a current ratio of 0.87. Towne Bank has a one year low of $29.43 and a one year high of $38.28. The firm has a market cap of $2.59 billion, a P/E ratio of 15.03 and a beta of 0.87.

Towne Bank (NASDAQ:TOWN) last issued its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.81 EPS for the quarter, topping the consensus estimate of $0.69 by $0.12. Towne Bank had a net margin of 16.49% and a return on equity of 8.99%. The firm had revenue of $207.44 million for the quarter, compared to analyst estimates of $202.18 million. During the same period in the prior year, the business posted $0.57 EPS. The business’s revenue for the quarter was up 18.6% compared to the same quarter last year. As a group, equities research analysts predict that Towne Bank will post 2.6 EPS for the current year.

Towne Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Monday, September 29th will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Monday, September 29th. Towne Bank’s dividend payout ratio is currently 46.96%.

Towne Bank 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.