Truist Financial Corp Has $2.18 Million Stock Holdings in TowneBank (NASDAQ:TOWN)

Truist Financial Corp trimmed its holdings in TowneBank (NASDAQ:TOWN) by 0.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 79,982 shares of the bank’s stock after selling 464 shares during the quarter. Truist Financial Corp owned about 0.11% of TowneBank worth $2,181,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in TOWN. Algert Global LLC acquired a new position in TowneBank during the 2nd quarter worth approximately $205,000. The Manufacturers Life Insurance Company raised its stake in TowneBank by 3.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 41,390 shares of the bank’s stock worth $1,129,000 after buying an additional 1,263 shares during the period. Deprince Race & Zollo Inc. raised its stake in TowneBank by 30.1% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 184,376 shares of the bank’s stock worth $5,028,000 after buying an additional 42,641 shares during the period. AQR Capital Management LLC raised its stake in TowneBank by 80.4% during the 2nd quarter. AQR Capital Management LLC now owns 16,693 shares of the bank’s stock worth $455,000 after buying an additional 7,441 shares during the period. Finally, Cubist Systematic Strategies LLC raised its stake in TowneBank by 315.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 95,407 shares of the bank’s stock worth $2,602,000 after buying an additional 72,464 shares during the period. 55.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on the company. StockNews.com raised TowneBank from a “sell” rating to a “hold” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods raised TowneBank from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $35.00 to $40.00 in a report on Wednesday, October 2nd.

TowneBank Stock Performance

Shares of TOWN opened at $33.02 on Friday. The stock has a 50 day moving average price of $33.07 and a two-hundred day moving average price of $29.64. The firm has a market capitalization of $2.48 billion, a P/E ratio of 16.43 and a beta of 0.89. TowneBank has a 52 week low of $21.63 and a 52 week high of $35.10.

TowneBank (NASDAQ:TOWN) last released its earnings results on Wednesday, July 24th. The bank reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.09. The company had revenue of $174.97 million during the quarter, compared to analyst estimates of $172.20 million. TowneBank had a return on equity of 7.56% and a net margin of 15.33%. TowneBank’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 earnings per share. On average, equities analysts forecast that TowneBank will post 2.12 earnings per share for the current year.

TowneBank Announces Dividend

The firm 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 3.03%. The ex-dividend date of this dividend is Monday, September 30th. TowneBank’s dividend payout ratio is presently 49.75%.

TowneBank Company 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.