Bank of America Corp DE Cuts Position in Towne Bank (NASDAQ:TOWN)
Bank of America Corp DE cut its position in shares of Towne Bank (NASDAQ:TOWN) by 38.5% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 73,545 shares of the bank’s stock after selling 45,991 shares during the period. Bank of America Corp DE’s holdings in Towne Bank were worth $2,383,000 as of its most recent filing with the SEC.
Other large investors have also recently made changes to their positions in the company. Ameritas Investment Partners Inc. purchased a new stake in shares of Towne Bank during the first quarter worth about $156,000. Prudential Financial Inc. boosted its stake in shares of Towne Bank by 1.8% in the first quarter. Prudential Financial Inc. now owns 6,835 shares of the bank’s stock worth $221,000 after buying an additional 120 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its stake in shares of Towne Bank by 1.1% in the first quarter. O Shaughnessy Asset Management LLC now owns 8,795 shares of the bank’s stock worth $285,000 after buying an additional 99 shares in the last quarter. Opus Capital Group LLC purchased a new stake in shares of Towne Bank during the first quarter worth about $443,000. Finally, Legal & General Group Plc boosted its stake in shares of Towne Bank by 6.6% in the first quarter. Legal & General Group Plc now owns 18,861 shares of the bank’s stock worth $611,000 after buying an additional 1,174 shares in the last quarter. Institutional investors and hedge funds own 42.75% of the company’s stock.
Towne Bank (TOWN) traded down 1.30% on Friday, reaching $30.40. The company’s stock had a trading volume of 36,374 shares. Towne Bank has a one year low of $22.51 and a one year high of $34.55. The stock has a market cap of $1.88 billion, a P/E ratio of 20.82 and a beta of 0.97. The stock has a 50-day moving average of $30.80 and a 200-day moving average of $31.47.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 12th. Stockholders of record on Friday, June 30th were paid a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.56 annualized dividend and a dividend yield of 1.82%. This is an increase from Towne Bank’s previous quarterly dividend of $0.13. Towne Bank’s dividend payout ratio (DPR) is 38.10%.
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A number of equities research analysts recently issued reports on TOWN shares. Zacks Investment Research upgraded Towne Bank from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research note on Wednesday, July 5th. BidaskClub upgraded Towne Bank from a “sell” rating to a “hold” rating in a research note on Saturday, July 1st.
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.
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