Inspire Investing LLC Has $412,000 Stake in TowneBank (NASDAQ:TOWN)

Inspire Investing LLC reduced its position in shares of TowneBank (NASDAQ:TOWN) by 4.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,467 shares of the bank’s stock after selling 514 shares during the period. Inspire Investing LLC’s holdings in TowneBank were worth $412,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in TowneBank by 2.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,269,588 shares of the bank’s stock worth $116,431,000 after buying an additional 119,459 shares during the period. American Century Companies Inc. increased its position in TowneBank by 0.3% during the second quarter. American Century Companies Inc. now owns 784,909 shares of the bank’s stock worth $21,404,000 after acquiring an additional 2,676 shares during the period. Renaissance Technologies LLC raised its stake in TowneBank by 1.3% in the 2nd quarter. Renaissance Technologies LLC now owns 638,241 shares of the bank’s stock worth $17,405,000 after purchasing an additional 8,100 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in TowneBank by 4.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 504,926 shares of the bank’s stock valued at $13,769,000 after purchasing an additional 21,143 shares during the period. Finally, Empowered Funds LLC grew its position in shares of TowneBank by 8.2% during the 1st quarter. Empowered Funds LLC now owns 196,880 shares of the bank’s stock worth $5,524,000 after purchasing an additional 14,875 shares in the last quarter. 55.99% of the stock is currently owned by institutional investors.

TowneBank Trading Up 0.0 %

Shares of NASDAQ:TOWN opened at $35.44 on Friday. The firm has a 50 day moving average of $33.43 and a 200-day moving average of $29.89. TowneBank has a 12 month low of $21.63 and a 12 month high of $35.74. The stock has a market capitalization of $2.66 billion, a PE ratio of 17.63 and a beta of 0.89.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $172.20 million. During the same period last year, the firm posted $0.52 earnings per share. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, research analysts predict that TowneBank will post 2.12 EPS for the current fiscal year.

TowneBank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were given 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 dividend yield of 2.82%. TowneBank’s dividend payout ratio is currently 49.75%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on TOWN shares. StockNews.com upgraded shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods upgraded TowneBank from a “market perform” rating to an “outperform” rating and upped their target price for the company from $35.00 to $40.00 in a research report on Wednesday, October 2nd.

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.