Clinton Group Inc. cut its stake in shares of Towne Bank (NASDAQ:TOWN) by 60.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,227 shares of the bank’s stock after selling 10,829 shares during the period. Clinton Group Inc.’s holdings in Towne Bank were worth $223,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in TOWN. BlackRock Inc. grew its holdings in shares of Towne Bank by 26,978.6% in the first quarter. BlackRock Inc. now owns 3,590,628 shares of the bank’s stock valued at $116,335,000 after purchasing an additional 3,577,368 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Towne Bank by 37.9% in the first quarter. Vanguard Group Inc. now owns 4,410,969 shares of the bank’s stock valued at $142,915,000 after purchasing an additional 1,212,011 shares in the last quarter. Chartwell Investment Partners LLC acquired a new position in shares of Towne Bank in the second quarter valued at approximately $5,554,000. Dimensional Fund Advisors LP grew its holdings in shares of Towne Bank by 8.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,735,228 shares of the bank’s stock valued at $56,222,000 after purchasing an additional 131,487 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Towne Bank by 8.2% in the first quarter. Renaissance Technologies LLC now owns 716,687 shares of the bank’s stock valued at $23,221,000 after purchasing an additional 54,500 shares in the last quarter. Institutional investors and hedge funds own 42.32% of the company’s stock.
A number of research analysts recently weighed in on the stock. Piper Jaffray Companies restated a “neutral” rating and issued a $32.00 price objective on shares of Towne Bank in a report on Thursday, October 5th. Zacks Investment Research upgraded shares of Towne Bank from a “sell” rating to a “hold” rating in a report on Wednesday, September 27th. Finally, BidaskClub cut shares of Towne Bank from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th.
Towne Bank (NASDAQ:TOWN) opened at 34.85 on Wednesday. The firm has a market cap of $2.16 billion, a PE ratio of 23.87 and a beta of 0.99. Towne Bank has a one year low of $24.02 and a one year high of $34.88. The company has a 50 day moving average of $31.94 and a 200-day moving average of $31.23.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 12th. Shareholders of record on Friday, September 29th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend is Thursday, September 28th. Towne Bank’s dividend payout ratio (DPR) is 38.10%.
Towne Bank Profile
TowneBank is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three segments: Banking, Realty and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. The Realty segment provides residential real estate services, originations of a range of mortgage loans, resort property management, and residential and commercial title insurance.
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