Goldman Sachs Group Inc. Sells 41,647 Shares of TowneBank (NASDAQ:TOWN)

Goldman Sachs Group Inc. lessened its stake in TowneBank (NASDAQ:TOWN) by 5.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 658,968 shares of the bank’s stock after selling 41,647 shares during the period. Goldman Sachs Group Inc. owned about 0.91% of TowneBank worth $19,611,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in TOWN. Deutsche Bank AG boosted its position in shares of TowneBank by 12.1% during the 3rd quarter. Deutsche Bank AG now owns 34,166 shares of the bank’s stock valued at $783,000 after purchasing an additional 3,675 shares in the last quarter. Rhumbline Advisers boosted its position in shares of TowneBank by 0.9% during the 3rd quarter. Rhumbline Advisers now owns 136,496 shares of the bank’s stock valued at $3,130,000 after purchasing an additional 1,182 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of TowneBank by 5.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 13,844 shares of the bank’s stock valued at $317,000 after purchasing an additional 673 shares in the last quarter. Mariner LLC bought a new stake in shares of TowneBank during the 3rd quarter valued at about $905,000. Finally, Endeavour Capital Advisors Inc. bought a new stake in shares of TowneBank during the 3rd quarter valued at about $382,000. Institutional investors own 55.99% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a research report on Monday.

TowneBank Stock Performance

Shares of NASDAQ:TOWN opened at $26.77 on Thursday. The business’s 50 day simple moving average is $26.92 and its two-hundred day simple moving average is $27.64. The firm has a market cap of $1.95 billion, a P/E ratio of 13.32 and a beta of 0.91. TowneBank has a 52-week low of $21.63 and a 52-week high of $31.08.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings results on Wednesday, April 24th. The bank reported $0.48 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.48. The business had revenue of $167.10 million for the quarter, compared to analyst estimates of $169.68 million. TowneBank had a return on equity of 7.45% and a net margin of 15.50%. The company’s quarterly revenue was down 9.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.62 earnings per share. On average, equities analysts forecast that TowneBank will post 2.07 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.00 annualized dividend and a yield of 3.74%. TowneBank’s payout ratio is currently 49.75%.

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.