Jacobs Levy Equity Management Inc. Sells 43,754 Shares of TowneBank (NASDAQ:TOWN)

Jacobs Levy Equity Management Inc. lowered its stake in TowneBank (NASDAQ:TOWN - Free Report) by 20.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 165,787 shares of the bank's stock after selling 43,754 shares during the quarter. Jacobs Levy Equity Management Inc. owned about 0.22% of TowneBank worth $5,481,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TOWN. Bank of New York Mellon Corp lifted its stake in shares of TowneBank by 4.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 504,926 shares of the bank's stock valued at $13,769,000 after purchasing an additional 21,143 shares during the last quarter. SG Americas Securities LLC purchased a new position in TowneBank during the third quarter worth $516,000. Edgestream Partners L.P. increased its position in TowneBank by 224.3% during the second quarter. Edgestream Partners L.P. now owns 47,995 shares of the bank's stock valued at $1,309,000 after acquiring an additional 33,195 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of TowneBank in the second quarter valued at $249,000. Finally, Arbor Investment Advisors LLC bought a new stake in shares of TowneBank in the 3rd quarter worth about $577,000. Institutional investors own 55.99% of the company's stock.

TowneBank Stock Performance

TowneBank stock traded down $0.43 during mid-day trading on Friday, hitting $36.97. The company's stock had a trading volume of 225,534 shares, compared to its average volume of 250,943. TowneBank has a one year low of $25.70 and a one year high of $38.28. The stock has a market cap of $2.77 billion, a PE ratio of 18.58 and a beta of 0.91. The company has a 50 day moving average of $34.61 and a 200-day moving average of $31.87.

TowneBank (NASDAQ:TOWN - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.58 EPS for the quarter, topping the consensus estimate of $0.56 by $0.02. The company had revenue of $258.86 million for the quarter, compared to the consensus estimate of $179.80 million. TowneBank had a net margin of 14.89% and a return on equity of 7.32%. During the same quarter last year, the firm posted $0.60 EPS. On average, equities research analysts forecast that TowneBank will post 2.07 EPS for the current fiscal year.

TowneBank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be issued a $0.25 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.70%. TowneBank's payout ratio is 50.25%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods upgraded shares of TowneBank from a "market perform" rating to an "outperform" rating and upped their price target for the company from $35.00 to $40.00 in a report on Wednesday, October 2nd.

About TowneBank

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.