State Street Corp Reduces Position in TowneBank (NASDAQ:TOWN)

State Street Corp reduced its position in TowneBank (NASDAQ:TOWN - Free Report) by 2.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,998,338 shares of the bank's stock after selling 58,129 shares during the quarter. State Street Corp owned 2.66% of TowneBank worth $66,560,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in TOWN. SummerHaven Investment Management LLC raised its holdings in shares of TowneBank by 1.9% in the 2nd quarter. SummerHaven Investment Management LLC now owns 31,187 shares of the bank's stock valued at $850,000 after purchasing an additional 569 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in TowneBank by 6.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 9,753 shares of the bank's stock valued at $322,000 after buying an additional 617 shares during the period. First Western Trust Bank raised its stake in TowneBank by 4.3% in the third quarter. First Western Trust Bank now owns 18,123 shares of the bank's stock worth $599,000 after buying an additional 745 shares in the last quarter. AMG National Trust Bank lifted its holdings in TowneBank by 1.6% during the third quarter. AMG National Trust Bank now owns 50,929 shares of the bank's stock worth $1,684,000 after buying an additional 822 shares during the period. Finally, Rhumbline Advisers boosted its position in TowneBank by 0.8% during the 2nd quarter. Rhumbline Advisers now owns 135,208 shares of the bank's stock valued at $3,687,000 after acquiring an additional 1,055 shares in the last quarter. 55.99% of the stock is owned by hedge funds and other institutional investors.

TowneBank Trading Down 4.6 %

Shares of NASDAQ:TOWN traded down $1.65 during trading on Wednesday, reaching $34.19. The stock had a trading volume of 438,992 shares, compared to its average volume of 254,840. The firm's 50-day simple moving average is $35.17 and its 200 day simple moving average is $32.42. TowneBank has a one year low of $25.70 and a one year high of $38.28. The company has a market capitalization of $2.56 billion, a P/E ratio of 17.18 and a beta of 0.91.

TowneBank (NASDAQ:TOWN - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.02. The company had revenue of $258.86 million during 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 period last year, the firm earned $0.60 earnings per share. Equities research analysts forecast that TowneBank will post 2.07 earnings per share for the current fiscal year.

TowneBank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 2.92%. TowneBank's dividend payout ratio (DPR) is 50.25%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods raised TowneBank from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $35.00 to $40.00 in a research report on Wednesday, October 2nd.

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.