Cary Street Partners Investment Advisory LLC Buys 38,696 Shares of TowneBank (NASDAQ:TOWN)

Cary Street Partners Investment Advisory LLC raised its stake in TowneBank (NASDAQ:TOWN) by 150.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 64,438 shares of the bank’s stock after purchasing an additional 38,696 shares during the period. Cary Street Partners Investment Advisory LLC’s holdings in TowneBank were worth $2,036,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. EMC Capital Management raised its position in TowneBank by 72.6% in the third quarter. EMC Capital Management now owns 1,726 shares of the bank’s stock worth $40,000 after purchasing an additional 726 shares in the last quarter. Sound Income Strategies LLC acquired a new position in shares of TowneBank in the 4th quarter worth approximately $79,000. Signature Estate & Investment Advisors LLC bought a new position in shares of TowneBank during the 4th quarter worth approximately $200,000. Canvas Wealth Advisors LLC boosted its stake in TowneBank by 48.4% in the 3rd quarter. Canvas Wealth Advisors LLC now owns 13,028 shares of the bank’s stock valued at $287,000 after buying an additional 4,250 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in TowneBank by 5.1% during the third quarter. PNC Financial Services Group Inc. now owns 13,844 shares of the bank’s stock worth $317,000 after acquiring an additional 673 shares in the last quarter. Institutional investors own 55.99% of the company’s stock.

TowneBank Trading Down 1.0 %

Shares of TOWN traded down $0.26 on Tuesday, reaching $25.98. 63,577 shares of the company’s stock were exchanged, compared to its average volume of 243,334. The business has a 50 day moving average price of $27.02 and a two-hundred day moving average price of $27.18. TowneBank has a 12 month low of $21.22 and a 12 month high of $31.08. The stock has a market capitalization of $1.89 billion, a P/E ratio of 12.90 and a beta of 0.89. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.10.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings results on Wednesday, April 24th. The bank reported $0.48 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.48. The company had revenue of $167.10 million for the quarter, compared to the consensus estimate of $169.68 million. TowneBank had a return on equity of 7.51% and a net margin of 15.50%. The firm’s quarterly revenue was down 9.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.62 EPS. Research analysts anticipate that TowneBank will post 2.15 earnings per share for the current year.

TowneBank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were issued a dividend of $0.25 per share. The ex-dividend date was Wednesday, March 27th. This represents a $1.00 annualized dividend and a yield of 3.85%. TowneBank’s dividend payout ratio is presently 49.75%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. StockNews.com cut shares of TowneBank from a “hold” rating to a “sell” rating in a research report on Thursday, February 8th. Raymond James boosted their target price on TowneBank from $28.00 to $32.00 and gave the stock an “outperform” rating in a report on Friday, January 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, TowneBank presently has a consensus rating of “Hold” and an average target price of $29.00.

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.