BCS Wealth Management Sells 2,995 Shares of TowneBank (NASDAQ:TOWN)

BCS Wealth Management lowered its position in shares of TowneBank (NASDAQ:TOWN) by 21.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,194 shares of the bank’s stock after selling 2,995 shares during the period. BCS Wealth Management’s holdings in TowneBank were worth $370,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in TOWN. Innealta Capital LLC acquired a new stake in shares of TowneBank during the second quarter worth $62,000. Point72 DIFC Ltd bought a new stake in TowneBank in the 2nd quarter valued at about $73,000. Heritage Wealth Advisors grew its position in shares of TowneBank by 2,973.3% during the 1st quarter. Heritage Wealth Advisors now owns 3,565 shares of the bank’s stock worth $100,000 after purchasing an additional 3,449 shares in the last quarter. EMC Capital Management increased its holdings in shares of TowneBank by 230.4% during the first quarter. EMC Capital Management now owns 5,703 shares of the bank’s stock worth $160,000 after purchasing an additional 3,977 shares during the period. Finally, Bessemer Group Inc. raised its position in shares of TowneBank by 45.2% in the first quarter. Bessemer Group Inc. now owns 6,817 shares of the bank’s stock valued at $191,000 after buying an additional 2,121 shares in the last quarter. 55.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TOWN has been the topic of several analyst reports. Keefe, Bruyette & Woods raised TowneBank from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $35.00 to $40.00 in a report on Wednesday, October 2nd. StockNews.com upgraded shares of TowneBank from a “sell” rating to a “hold” rating in a research note on Monday, July 29th.

TowneBank Stock Performance

Shares of TOWN stock opened at $35.44 on Friday. TowneBank has a fifty-two week low of $21.63 and a fifty-two week high of $35.74. The stock’s fifty day moving average price is $33.43 and its two-hundred day moving average price is $29.89. The company has a market cap of $2.66 billion, a PE ratio of 17.63 and a beta of 0.89.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.09. The business had revenue of $174.97 million for the quarter, compared to analyst estimates of $172.20 million. TowneBank had a return on equity of 7.56% and a net margin of 15.33%. TowneBank’s revenue was down 3.6% compared to the same quarter last year. During the same period last year, the firm posted $0.52 earnings per share. On average, equities analysts predict that TowneBank will post 2.12 EPS for the current fiscal year.

TowneBank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.82%. The ex-dividend date was Monday, September 30th. TowneBank’s dividend payout ratio is currently 49.75%.

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.