TowneBank (NASDAQ:TOWN) Shares Purchased by First Western Trust Bank

First Western Trust Bank boosted its holdings in shares of TowneBank (NASDAQ:TOWN) by 4.3% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 18,123 shares of the bank’s stock after buying an additional 745 shares during the quarter. First Western Trust Bank’s holdings in TowneBank were worth $599,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TOWN. Oak Harbor Wealth Partners LLC grew its stake in TowneBank by 7.0% during the 2nd quarter. Oak Harbor Wealth Partners LLC now owns 8,408 shares of the bank’s stock valued at $229,000 after purchasing an additional 549 shares during the last quarter. SummerHaven Investment Management LLC boosted its position in TowneBank by 1.9% in the second quarter. SummerHaven Investment Management LLC now owns 31,187 shares of the bank’s stock valued at $850,000 after buying an additional 569 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in TowneBank by 6.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 9,753 shares of the bank’s stock worth $322,000 after buying an additional 617 shares during the period. AMG National Trust Bank raised its position in TowneBank by 1.6% during the 3rd 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 last quarter. Finally, ProShare Advisors LLC lifted its stake in TowneBank by 8.6% during the 1st quarter. ProShare Advisors LLC now owns 12,617 shares of the bank’s stock valued at $354,000 after acquiring an additional 1,000 shares during the period. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

TowneBank Trading Down 0.1 %

TowneBank stock opened at $35.21 on Monday. The firm has a market cap of $2.64 billion, a PE ratio of 17.69 and a beta of 0.89. TowneBank has a 12 month low of $25.70 and a 12 month high of $36.67. The stock’s 50 day simple moving average is $33.74 and its two-hundred day simple moving average is $30.99.

TowneBank (NASDAQ:TOWN) last posted its earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.02. The firm had revenue of $258.86 million during the quarter, compared to analysts’ expectations of $179.80 million. TowneBank had a net margin of 14.89% and a return on equity of 7.41%. During the same period in the previous year, the business posted $0.60 EPS. On average, equities research analysts forecast that TowneBank will post 2.07 EPS for the current year.

TowneBank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.84%. The ex-dividend date was Monday, September 30th. TowneBank’s payout ratio is currently 50.25%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on TOWN shares. Keefe, Bruyette & Woods upgraded shares of TowneBank from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $35.00 to $40.00 in a research note on Wednesday, October 2nd. StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a research note on Monday, July 29th.

About TowneBank

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.