American Century Companies Inc. Sells 25,335 Shares of TowneBank (NASDAQ:TOWN)

American Century Companies Inc. lessened its stake in shares of TowneBank (NASDAQ:TOWN - Free Report) by 3.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 761,609 shares of the bank's stock after selling 25,335 shares during the quarter. American Century Companies Inc. owned about 1.02% of TowneBank worth $25,940,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Picton Mahoney Asset Management bought a new stake in TowneBank during the fourth quarter worth approximately $28,000. Salem Investment Counselors Inc. acquired a new stake in shares of TowneBank in the fourth quarter worth $34,000. Blue Trust Inc. boosted its holdings in shares of TowneBank by 258.5% during the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock worth $47,000 after buying an additional 1,034 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of TowneBank during the 3rd quarter worth $73,000. Finally, KBC Group NV grew its stake in TowneBank by 28.2% in the 4th quarter. KBC Group NV now owns 3,858 shares of the bank's stock valued at $131,000 after buying an additional 848 shares during the last quarter. Institutional investors and hedge funds own 55.99% of the company's stock.

Wall Street Analyst Weigh In

Separately, Stephens reissued an "equal weight" rating and set a $41.00 target price on shares of TowneBank in a research report on Thursday, January 23rd.

TowneBank Stock Down 9.0 %

NASDAQ TOWN traded down $3.04 during trading on Thursday, hitting $30.86. The company's stock had a trading volume of 915,713 shares, compared to its average volume of 253,220. TowneBank has a 52 week low of $25.70 and a 52 week high of $38.28. The firm has a market cap of $2.31 billion, a P/E ratio of 14.35 and a beta of 0.79. The firm has a 50 day moving average price of $35.54 and a 200 day moving average price of $34.84.

TowneBank (NASDAQ:TOWN - Get Free Report) last announced its earnings results on Wednesday, January 22nd. The bank reported $0.55 earnings per share (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%. On average, equities analysts expect that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date is Monday, March 31st. TowneBank's dividend payout ratio is currently 46.51%.

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.