Signature Financial Management Inc. decreased its stake in TowneBank (NASDAQ:TOWN) by 8.3% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 59,198 shares of the bank’s stock after selling 5,391 shares during the quarter. Signature Financial Management Inc.’s holdings in TowneBank were worth $1,900,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Raymond James & Associates boosted its position in shares of TowneBank by 4.5% in the second quarter. Raymond James & Associates now owns 47,414 shares of the bank’s stock worth $1,522,000 after buying an additional 2,044 shares during the period. Victory Capital Management Inc. lifted its stake in shares of TowneBank by 15.9% in the second quarter. Victory Capital Management Inc. now owns 15,294 shares of the bank’s stock worth $491,000 after acquiring an additional 2,099 shares in the last quarter. Stratos Wealth Partners LTD. lifted its stake in shares of TowneBank by 17.8% in the first quarter. Stratos Wealth Partners LTD. now owns 14,653 shares of the bank’s stock worth $419,000 after acquiring an additional 2,209 shares in the last quarter. Metropolitan Life Insurance Co. NY lifted its stake in shares of TowneBank by 11.9% in the second quarter. Metropolitan Life Insurance Co. NY now owns 21,721 shares of the bank’s stock worth $697,000 after acquiring an additional 2,302 shares in the last quarter. Finally, Citigroup Inc. lifted its stake in shares of TowneBank by 18.5% in the first quarter. Citigroup Inc. now owns 14,816 shares of the bank’s stock worth $424,000 after acquiring an additional 2,309 shares in the last quarter. 44.20% of the stock is owned by institutional investors.

TOWN has been the topic of several recent analyst reports. BidaskClub upgraded TowneBank from a “hold” rating to a “buy” rating in a research note on Wednesday, June 6th. Zacks Investment Research upgraded TowneBank from a “hold” rating to a “buy” rating and set a $37.00 price target on the stock in a research note on Wednesday, August 1st. Brean Capital reiterated a “hold” rating on shares of TowneBank in a research note on Monday, August 27th. Finally, Piper Jaffray Companies set a $34.00 price target on TowneBank and gave the stock a “hold” rating in a research note on Monday, July 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $34.50.

NASDAQ:TOWN opened at $31.85 on Monday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.97 and a current ratio of 1.01. TowneBank has a one year low of $27.85 and a one year high of $35.30. The stock has a market capitalization of $2.27 billion, a P/E ratio of 20.42 and a beta of 0.89.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings results on Friday, July 27th. The bank reported $0.49 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.49. TowneBank had a return on equity of 9.46% and a net margin of 18.11%. The business had revenue of $137.06 million for the quarter, compared to analysts’ expectations of $133.65 million. equities research analysts predict that TowneBank will post 2.04 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 10th. Investors of record on Friday, September 28th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.01%. The ex-dividend date is Thursday, September 27th. TowneBank’s dividend payout ratio (DPR) is 41.03%.

TowneBank Profile

TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.

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Institutional Ownership by Quarter for TowneBank (NASDAQ:TOWN)

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