OLD Point Trust & Financial Services N A Reduces Position in TowneBank (NASDAQ:TOWN)

OLD Point Trust & Financial Services N A trimmed its holdings in TowneBank (NASDAQ:TOWN) by 4.3% during the fourth quarter, HoldingsChannel reports. The firm owned 21,887 shares of the bank’s stock after selling 985 shares during the period. OLD Point Trust & Financial Services N A’s holdings in TowneBank were worth $745,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in TowneBank by 16.1% during the third quarter. JPMorgan Chase & Co. now owns 361,960 shares of the bank’s stock worth $11,966,000 after buying an additional 50,149 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of TowneBank by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,685,643 shares of the bank’s stock worth $55,738,000 after acquiring an additional 18,929 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of TowneBank by 0.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 839,050 shares of the bank’s stock valued at $27,739,000 after acquiring an additional 7,738 shares during the last quarter. Jane Street Group LLC boosted its position in shares of TowneBank by 10.5% during the 3rd quarter. Jane Street Group LLC now owns 74,965 shares of the bank’s stock valued at $2,478,000 after acquiring an additional 7,137 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new stake in shares of TowneBank in the third quarter valued at about $322,000. 55.99% of the stock is currently owned by institutional investors and hedge funds.

TowneBank Trading Up 1.4 %

Shares of NASDAQ:TOWN opened at $35.20 on Thursday. The company has a market capitalization of $2.64 billion, a price-to-earnings ratio of 16.37 and a beta of 0.88. TowneBank has a 12-month low of $25.70 and a 12-month high of $38.28. The business has a 50-day moving average price of $35.43 and a 200 day moving average price of $34.80.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. As a group, equities research analysts predict that TowneBank will post 2.6 earnings per share for the current fiscal year.

TowneBank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.84%. TowneBank’s payout ratio is presently 46.51%.

Wall Street Analysts Forecast Growth

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

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.