Chartwell Investment Partners LLC Reduces Position in TowneBank (NASDAQ:TOWN)

Chartwell Investment Partners LLC reduced its holdings in shares of TowneBank (NASDAQ:TOWN - Free Report) by 9.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 313,597 shares of the bank's stock after selling 32,634 shares during the quarter. Chartwell Investment Partners LLC owned approximately 0.42% of TowneBank worth $10,367,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. BNP Paribas Financial Markets lifted its holdings in TowneBank by 77.6% during the 1st quarter. BNP Paribas Financial Markets now owns 34,349 shares of the bank's stock worth $964,000 after buying an additional 15,004 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of TowneBank in the first quarter valued at approximately $234,000. Oppenheimer & Co. Inc. increased its holdings in shares of TowneBank by 2.9% during the 1st quarter. Oppenheimer & Co. Inc. now owns 25,528 shares of the bank's stock worth $716,000 after purchasing an additional 719 shares during the period. Russell Investments Group Ltd. boosted its holdings 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 worth $5,099,000 after acquiring an additional 87,332 shares in the last quarter. Finally, ProShare Advisors LLC increased its stake in shares of TowneBank by 8.6% in the first quarter. ProShare Advisors LLC now owns 12,617 shares of the bank's stock valued at $354,000 after buying an additional 1,000 shares in the last quarter. 55.99% of the stock is currently owned by institutional investors and hedge funds.

TowneBank Stock Performance

NASDAQ:TOWN traded up $0.80 during midday trading on Monday, reaching $36.24. 107,746 shares of the stock traded hands, compared to its average volume of 253,619. TowneBank has a 12 month low of $24.63 and a 12 month high of $36.67. The company has a fifty day moving average of $33.60 and a 200 day moving average of $30.68. The stock has a market capitalization of $2.72 billion, a P/E ratio of 17.81 and a beta of 0.89.

TowneBank (NASDAQ:TOWN - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.02. TowneBank had a return on equity of 7.41% and a net margin of 14.89%. The business had revenue of $258.86 million for the quarter, compared to the consensus estimate of $179.80 million. During the same period in the prior year, the business posted $0.60 earnings per share. On average, analysts predict that TowneBank will post 2.07 EPS for the current fiscal year.

TowneBank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend was Monday, September 30th. TowneBank's dividend payout ratio (DPR) is presently 50.25%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on TOWN shares. Keefe, Bruyette & Woods upgraded TowneBank from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $35.00 to $40.00 in a research report on Wednesday, October 2nd. StockNews.com raised shares of TowneBank from a "sell" rating to a "hold" rating in a report on Monday, July 29th.

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.