Anchor Investment Management LLC Has $300,000 Stock Holdings in TowneBank (NASDAQ:TOWN)

Anchor Investment Management LLC lessened its stake in shares of TowneBank (NASDAQ:TOWN) by 8.3% during the 2nd quarter, HoldingsChannel reports. The firm owned 11,000 shares of the bank’s stock after selling 1,000 shares during the quarter. Anchor Investment Management LLC’s holdings in TowneBank were worth $300,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TOWN. Oak Harbor Wealth Partners LLC increased its position in TowneBank by 7.0% during the second quarter. Oak Harbor Wealth Partners LLC now owns 8,408 shares of the bank’s stock worth $229,000 after acquiring an additional 549 shares during the period. SummerHaven Investment Management LLC increased its position in TowneBank by 1.9% during the second quarter. SummerHaven Investment Management LLC now owns 31,187 shares of the bank’s stock worth $850,000 after acquiring an additional 569 shares during the period. Oppenheimer & Co. Inc. increased its position in TowneBank by 2.9% during the first quarter. Oppenheimer & Co. Inc. now owns 25,528 shares of the bank’s stock worth $716,000 after acquiring an additional 719 shares during the period. ProShare Advisors LLC increased its position in TowneBank by 8.6% during the first quarter. ProShare Advisors LLC now owns 12,617 shares of the bank’s stock worth $354,000 after acquiring an additional 1,000 shares during the period. Finally, Rhumbline Advisers increased its position in TowneBank by 0.8% during the second quarter. Rhumbline Advisers now owns 135,208 shares of the bank’s stock worth $3,687,000 after acquiring an additional 1,055 shares during the period. Institutional investors and hedge funds own 55.99% of the company’s stock.

TowneBank Price Performance

Shares of TowneBank stock opened at $33.09 on Friday. The firm has a market capitalization of $2.48 billion, a PE ratio of 16.46 and a beta of 0.89. The company’s fifty day moving average price is $33.07 and its two-hundred day moving average price is $29.47. TowneBank has a 52-week low of $21.63 and a 52-week high of $35.10.

TowneBank (NASDAQ:TOWN) last posted its earnings results 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 net margin of 15.33% and a return on equity of 7.56%. The business had revenue of $174.97 million for the quarter, compared to analyst estimates of $172.20 million. During the same quarter in the prior year, the firm earned $0.52 EPS. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. Analysts predict that TowneBank will post 2.15 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.02%. The ex-dividend date of this dividend is Monday, September 30th. TowneBank’s payout ratio is 49.75%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on TOWN shares. StockNews.com raised shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods raised shares of TowneBank from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $35.00 to $40.00 in a report on Wednesday.

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.