Nuance Investments LLC Has $9.97 Million Position in TowneBank (NASDAQ:TOWN)

Nuance Investments LLC decreased its position in TowneBank (NASDAQ:TOWN - Free Report) by 58.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 301,453 shares of the bank's stock after selling 422,177 shares during the quarter. Nuance Investments LLC owned 0.40% of TowneBank worth $9,966,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Innealta Capital LLC acquired a new position in shares of TowneBank during the 2nd quarter valued at $62,000. Point72 DIFC Ltd bought a new stake in TowneBank in the 2nd quarter valued at $73,000. KBC Group NV bought a new stake in TowneBank in the 3rd quarter valued at $100,000. EMC Capital Management lifted its holdings in shares of TowneBank by 230.4% during the 1st quarter. EMC Capital Management now owns 5,703 shares of the bank's stock worth $160,000 after acquiring an additional 3,977 shares during the period. Finally, Bessemer Group Inc. lifted its holdings in shares of TowneBank by 45.2% during the 1st quarter. Bessemer Group Inc. now owns 6,817 shares of the bank's stock worth $191,000 after acquiring an additional 2,121 shares during the period. Institutional investors and hedge funds own 55.99% of the company's stock.

Analysts Set New Price Targets

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

TowneBank Trading Down 1.4 %

Shares of NASDAQ:TOWN traded down $0.49 on Wednesday, hitting $34.91. The company had a trading volume of 345,349 shares, compared to its average volume of 254,441. The stock has a 50 day moving average price of $33.86 and a 200 day moving average price of $31.13. The stock has a market cap of $2.62 billion, a price-to-earnings ratio of 17.54 and a beta of 0.89. TowneBank has a 1-year low of $25.70 and a 1-year high of $36.67.

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

TowneBank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.86%. TowneBank's dividend payout ratio (DPR) is currently 50.25%.

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.