Creative Planning Sells 1,595 Shares of TowneBank (NASDAQ:TOWN)

Creative Planning decreased its holdings in shares of TowneBank (NASDAQ:TOWN) by 7.3% during the 2nd quarter, Holdings Channel reports. The firm owned 20,305 shares of the bank’s stock after selling 1,595 shares during the quarter. Creative Planning’s holdings in TowneBank were worth $554,000 at the end of the most recent quarter.

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

TowneBank Stock Up 1.3 %

TowneBank stock opened at $34.59 on Tuesday. The company has a market capitalization of $2.59 billion, a P/E ratio of 17.21 and a beta of 0.89. The stock’s 50 day moving average is $33.19 and its 200 day moving average is $29.76. TowneBank has a twelve month low of $21.63 and a twelve month high of $35.10.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings results 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 firm had revenue of $174.97 million for the quarter, compared to analysts’ expectations of $172.20 million. During the same period in the prior year, the firm earned $0.52 EPS. The company’s revenue was down 3.6% compared to the same quarter last year. As a group, equities analysts expect that TowneBank will post 2.12 EPS for the current year.

TowneBank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 2.89%. TowneBank’s payout ratio is currently 49.75%.

Analyst Upgrades and Downgrades

TOWN has been the subject of a number of research analyst reports. StockNews.com raised TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods raised TowneBank from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $35.00 to $40.00 in a report on Wednesday, October 2nd.

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.