Mercer Global Advisors Inc. ADV Has $613,000 Stock Holdings in TowneBank (NASDAQ:TOWN)

Mercer Global Advisors Inc. ADV lowered its position in shares of TowneBank (NASDAQ:TOWN) by 6.3% in the second quarter, HoldingsChannel reports. The firm owned 22,467 shares of the bank’s stock after selling 1,515 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in TowneBank were worth $613,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. TFO Wealth Partners LLC grew its stake in TowneBank by 43,600.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,311 shares of the bank’s stock worth $39,000 after buying an additional 1,308 shares during the last quarter. Innealta Capital LLC bought a new stake in TowneBank during the 2nd quarter worth approximately $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 increased its holdings in TowneBank by 230.4% during the 1st quarter. EMC Capital Management now owns 5,703 shares of the bank’s stock valued at $160,000 after purchasing an additional 3,977 shares in the last quarter. Finally, Bessemer Group Inc. raised its position in TowneBank by 45.2% in the 1st quarter. Bessemer Group Inc. now owns 6,817 shares of the bank’s stock valued at $191,000 after purchasing an additional 2,121 shares during the last quarter. 55.99% of the stock is owned by institutional investors.

TowneBank Stock Performance

NASDAQ TOWN opened at $32.93 on Friday. TowneBank has a 52 week low of $21.63 and a 52 week high of $35.10. The stock has a market capitalization of $2.47 billion, a P/E ratio of 16.38 and a beta of 0.89. The stock has a fifty day moving average of $33.08 and a 200-day moving average of $29.25.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $0.57 earnings per share for the quarter, topping 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 firm had revenue of $174.97 million during the quarter, compared to analysts’ expectations of $172.20 million. During the same period in the previous year, the business posted $0.52 EPS. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. Equities research analysts forecast that TowneBank will post 2.15 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date is Monday, September 30th. TowneBank’s dividend payout ratio is presently 49.75%.

Wall Street Analyst Weigh In

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