TowneBank (NASDAQ:TOWN) Shares Sold by Integrated Wealth Concepts LLC

Integrated Wealth Concepts LLC lowered its stake in shares of TowneBank (NASDAQ:TOWN) by 9.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,451 shares of the bank’s stock after selling 2,190 shares during the period. Integrated Wealth Concepts LLC’s holdings in TowneBank were worth $676,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in TOWN. Bank of New York Mellon Corp boosted its stake in TowneBank by 4.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 504,926 shares of the bank’s stock worth $13,769,000 after buying an additional 21,143 shares during the last quarter. SG Americas Securities LLC acquired a new stake in TowneBank in the 3rd quarter worth about $516,000. Edgestream Partners L.P. boosted its stake in TowneBank by 224.3% in the 2nd quarter. Edgestream Partners L.P. now owns 47,995 shares of the bank’s stock worth $1,309,000 after buying an additional 33,195 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in TowneBank in the 2nd quarter worth about $249,000. Finally, Arbor Investment Advisors LLC purchased a new position in shares of TowneBank in the 3rd quarter worth about $577,000. Institutional investors and hedge funds own 55.99% of the company’s stock.

Wall Street Analyst Weigh In

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

TowneBank Price Performance

TowneBank stock opened at $37.15 on Wednesday. The stock’s 50-day moving average is $34.79 and its 200-day moving average is $32.07. The company has a market cap of $2.79 billion, a price-to-earnings ratio of 18.67 and a beta of 0.91. TowneBank has a 12 month low of $25.70 and a 12 month high of $38.28.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. The company had revenue of $258.86 million for the quarter, compared to the consensus estimate of $179.80 million. TowneBank had a return on equity of 7.32% and a net margin of 14.89%. During the same period last year, the business posted $0.60 EPS. Research analysts anticipate that TowneBank will post 2.07 EPS for the current year.

TowneBank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be issued 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 dividend yield of 2.69%. TowneBank’s payout ratio is currently 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.