Quest Partners LLC Sells 17,755 Shares of TowneBank (NASDAQ:TOWN)

Quest Partners LLC lessened its holdings in TowneBank (NASDAQ:TOWN - Free Report) by 33.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,215 shares of the bank's stock after selling 17,755 shares during the period. Quest Partners LLC's holdings in TowneBank were worth $1,164,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its holdings in TowneBank by 2.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,269,588 shares of the bank's stock valued at $116,431,000 after buying an additional 119,459 shares during the period. Victory Capital Management Inc. raised its stake in TowneBank by 7,668.0% during the third quarter. Victory Capital Management Inc. now owns 1,974,871 shares of the bank's stock worth $65,289,000 after purchasing an additional 1,949,448 shares during the period. American Century Companies Inc. boosted its holdings in shares of TowneBank by 0.3% in the 2nd quarter. American Century Companies Inc. now owns 784,909 shares of the bank's stock valued at $21,404,000 after purchasing an additional 2,676 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of TowneBank by 1.3% during the 2nd quarter. Renaissance Technologies LLC now owns 638,241 shares of the bank's stock worth $17,405,000 after buying an additional 8,100 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in TowneBank by 4.4% during the second quarter. Bank of New York Mellon Corp now owns 504,926 shares of the bank's stock valued at $13,769,000 after acquiring an additional 21,143 shares during the period. Institutional investors and hedge funds own 55.99% of the company's stock.

TowneBank Trading Up 1.4 %

TowneBank stock traded up $0.49 during mid-day trading on Thursday, reaching $35.40. The company's stock had a trading volume of 22,443 shares, compared to its average volume of 253,414. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of 17.54 and a beta of 0.89. TowneBank has a twelve month low of $25.70 and a twelve month high of $36.67. The business has a 50 day moving average price of $33.86 and a 200-day moving average price of $31.13.

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, topping 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 during the quarter, compared to analyst estimates of $179.80 million. During the same period in the prior year, the company posted $0.60 EPS. On average, equities analysts expect that TowneBank will post 2.07 EPS for the current fiscal year.

TowneBank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date was Monday, September 30th. TowneBank's payout ratio is currently 50.25%.

Analysts Set New Price Targets

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

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.