Dimensional Fund Advisors LP Purchases 119,459 Shares of TowneBank (NASDAQ:TOWN)

Dimensional Fund Advisors LP increased its position in shares of TowneBank (NASDAQ:TOWN) by 2.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,269,588 shares of the bank’s stock after acquiring an additional 119,459 shares during the period. Dimensional Fund Advisors LP owned about 0.06% of TowneBank worth $116,431,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of TOWN. TFO Wealth Partners LLC grew its position in TowneBank by 43,600.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,311 shares of the bank’s stock worth $39,000 after acquiring an additional 1,308 shares during the last quarter. Innealta Capital LLC bought a new stake in TowneBank during the 2nd quarter worth $62,000. Heritage Wealth Advisors grew its position in 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 acquiring an additional 3,449 shares during the last quarter. EMC Capital Management lifted its holdings in TowneBank by 230.4% during the 1st quarter. EMC Capital Management now owns 5,703 shares of the bank’s stock worth $160,000 after buying an additional 3,977 shares during the period. Finally, Bessemer Group Inc. lifted its holdings in TowneBank by 45.2% during the 1st quarter. Bessemer Group Inc. now owns 6,817 shares of the bank’s stock worth $191,000 after buying an additional 2,121 shares during the period. Institutional investors own 55.99% of the company’s stock.

TowneBank Stock Down 1.1 %

TOWN stock opened at $33.80 on Tuesday. The firm has a market cap of $2.54 billion, a PE ratio of 16.82 and a beta of 0.89. The business has a 50 day moving average of $32.93 and a 200-day moving average of $29.12. TowneBank has a 12-month low of $21.63 and a 12-month high of $35.10.

TowneBank (NASDAQ:TOWN) last announced 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. TowneBank had a return on equity of 7.56% and a net margin of 15.33%. The business had revenue of $174.97 million during the quarter, compared to analyst estimates of $172.20 million. During the same period in the prior year, the company earned $0.52 earnings per share. TowneBank’s revenue was down 3.6% compared to the same quarter last year. On average, research analysts expect that TowneBank will post 2.15 earnings per share for the current year.

TowneBank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 2.96%. TowneBank’s dividend payout ratio is currently 49.75%.

Analyst Ratings Changes

Several research analysts have commented on the company. Keefe, Bruyette & Woods lifted their target price on TowneBank from $30.00 to $35.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. StockNews.com raised TowneBank from a “sell” rating to a “hold” rating in a research note on Monday, July 29th.

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.