BB&T Securities LLC Sells 5,397 Shares of Towne Bank (TOWN)

BB&T Securities LLC lowered its stake in shares of Towne Bank (NASDAQ:TOWN) by 13.1% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 35,817 shares of the bank’s stock after selling 5,397 shares during the period. BB&T Securities LLC owned about 0.06% of Towne Bank worth $1,199,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Towne Bank by 0.3% in the 2nd quarter. Vanguard Group Inc. now owns 4,425,268 shares of the bank’s stock valued at $136,298,000 after purchasing an additional 14,299 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Towne Bank by 5.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,823,978 shares of the bank’s stock valued at $56,179,000 after purchasing an additional 88,750 shares in the last quarter. State Street Corp increased its stake in shares of Towne Bank by 7.5% in the 2nd quarter. State Street Corp now owns 1,134,228 shares of the bank’s stock valued at $34,937,000 after purchasing an additional 78,810 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Towne Bank by 6.5% in the 2nd quarter. Renaissance Technologies LLC now owns 763,287 shares of the bank’s stock valued at $23,509,000 after purchasing an additional 46,600 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of Towne Bank by 1.9% in the 2nd quarter. Northern Trust Corp now owns 696,097 shares of the bank’s stock valued at $21,440,000 after purchasing an additional 13,022 shares in the last quarter. Institutional investors and hedge funds own 44.33% of the company’s stock.

Shares of Towne Bank (NASDAQ TOWN) opened at $32.70 on Friday. Towne Bank has a 52 week low of $28.55 and a 52 week high of $35.30. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $2,067.15, a P/E ratio of 21.85 and a beta of 0.98.

Towne Bank (NASDAQ:TOWN) last posted its quarterly earnings data on Thursday, October 26th. The bank reported $0.44 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.01). Towne Bank had a return on equity of 8.49% and a net margin of 19.55%. The firm had revenue of $115.34 million for the quarter, compared to analysts’ expectations of $118.96 million. equities analysts anticipate that Towne Bank will post 1.57 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 12th. Shareholders of record on Friday, December 29th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.56 annualized dividend and a yield of 1.71%. Towne Bank’s dividend payout ratio (DPR) is currently 36.84%.

TOWN has been the subject of several recent analyst reports. Piper Jaffray Companies set a $34.00 price target on Towne Bank and gave the company a “hold” rating in a research note on Tuesday, October 31st. Zacks Investment Research lowered Towne Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, October 31st. Finally, Brean Capital began coverage on Towne Bank in a research note on Friday, December 1st. They set a “hold” rating for the company.

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Towne Bank Company 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.

Institutional Ownership by Quarter for Towne Bank (NASDAQ:TOWN)

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