TowneBank (NASDAQ:TOWN) Shares Sold by American Century Companies Inc.

American Century Companies Inc. reduced its position in shares of TowneBank (NASDAQ:TOWN) by 3.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 761,609 shares of the bank’s stock after selling 25,335 shares during the quarter. American Century Companies Inc.’s holdings in TowneBank were worth $25,940,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Picton Mahoney Asset Management purchased a new stake in TowneBank in the fourth quarter valued at $28,000. Salem Investment Counselors Inc. purchased a new stake in TowneBank in the 4th quarter valued at about $34,000. Blue Trust Inc. lifted its position in TowneBank by 258.5% in the fourth quarter. Blue Trust Inc. now owns 1,434 shares of the bank’s stock valued at $47,000 after buying an additional 1,034 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in TowneBank during the third quarter worth about $73,000. Finally, KBC Group NV increased its position in shares of TowneBank by 28.2% during the fourth quarter. KBC Group NV now owns 3,858 shares of the bank’s stock valued at $131,000 after acquiring an additional 848 shares during the last quarter. 55.99% of the stock is currently owned by institutional investors and hedge funds.

TowneBank Trading Down 2.0 %

TOWN opened at $34.45 on Friday. The stock’s 50-day moving average price is $35.64 and its 200 day moving average price is $34.85. TowneBank has a 12-month low of $25.70 and a 12-month high of $38.28. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 16.02 and a beta of 0.88.

TowneBank (NASDAQ:TOWN) last issued its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. On average, research analysts forecast that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be given a $0.25 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.00 annualized dividend and a yield of 2.90%. TowneBank’s dividend payout ratio is presently 46.51%.

Wall Street Analysts Forecast Growth

Separately, Stephens reaffirmed an “equal weight” rating and set a $41.00 price objective on shares of TowneBank in a research report on Thursday, January 23rd.

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.