Empowered Funds LLC Sells 189,252 Shares of TowneBank (NASDAQ:TOWN)

Empowered Funds LLC decreased its position in shares of TowneBank (NASDAQ:TOWN - Free Report) by 84.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 35,990 shares of the bank's stock after selling 189,252 shares during the period. Empowered Funds LLC's holdings in TowneBank were worth $1,226,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Salem Investment Counselors Inc. acquired a new stake in shares of TowneBank in the fourth quarter valued at approximately $34,000. Blue Trust Inc. increased its holdings in shares of TowneBank by 258.5% in the fourth quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock valued at $47,000 after purchasing an additional 1,034 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of TowneBank in the third quarter valued at approximately $73,000. KBC Group NV acquired a new stake in shares of TowneBank in the third quarter valued at approximately $100,000. Finally, FMR LLC increased its holdings in shares of TowneBank by 137.8% in the third quarter. FMR LLC now owns 4,882 shares of the bank's stock valued at $161,000 after purchasing an additional 2,829 shares in the last quarter. Institutional investors and hedge funds own 55.99% of the company's stock.

TowneBank Stock Performance

TOWN traded down $0.03 during trading on Wednesday, reaching $37.48. 142,292 shares of the company's stock were exchanged, compared to its average volume of 206,078. The company's fifty day moving average price is $35.10 and its 200-day moving average price is $34.43. TowneBank has a fifty-two week low of $25.70 and a fifty-two week high of $38.28. The firm has a market capitalization of $2.81 billion, a PE ratio of 17.43 and a beta of 0.93.

TowneBank (NASDAQ:TOWN - Get Free Report) last released its earnings results on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, topping analysts' consensus estimates 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 fiscal year.

TowneBank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date of this dividend was Tuesday, December 31st. TowneBank's dividend payout ratio is presently 46.51%.

Analysts Set New Price Targets

Separately, Stephens reissued an "equal weight" rating and issued a $41.00 price target on shares of TowneBank in a 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.