UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Reduces Stake in TowneBank (NASDAQ:TOWN)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its holdings in shares of TowneBank (NASDAQ:TOWN - Free Report) by 9.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 127,453 shares of the bank's stock after selling 13,764 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.17% of TowneBank worth $4,214,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in TOWN. Innealta Capital LLC purchased a new position in TowneBank during the 2nd quarter worth approximately $62,000. Point72 DIFC Ltd purchased a new position in shares of TowneBank during the 2nd quarter valued at approximately $73,000. KBC Group NV purchased a new stake in shares of TowneBank during the third quarter worth about $100,000. FMR LLC increased its stake in TowneBank by 137.8% during the 3rd quarter. FMR LLC now owns 4,882 shares of the bank's stock worth $161,000 after buying an additional 2,829 shares in the last quarter. Finally, Signature Estate & Investment Advisors LLC purchased a new position in TowneBank in the 3rd quarter valued at $222,000. 55.99% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

TowneBank Stock Performance

Shares of NASDAQ:TOWN traded down $0.20 during trading hours on Friday, reaching $36.34. The stock had a trading volume of 129,690 shares, compared to its average volume of 254,163. The firm's 50 day moving average is $34.96 and its 200-day moving average is $32.14. The stock has a market capitalization of $2.73 billion, a price-to-earnings ratio of 18.36 and a beta of 0.91. TowneBank has a 1 year low of $25.70 and a 1 year high of $38.28.

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

TowneBank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be given 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 2.75%. TowneBank's dividend payout ratio (DPR) is presently 50.25%.

TowneBank 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.