TowneBank (NASDAQ:TOWN) Shares Sold by Boothbay Fund Management LLC

by · The Cerbat Gem

Boothbay Fund Management LLC trimmed its position in shares of TowneBank (NASDAQ:TOWN – Free Report) by 56.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 67,850 shares of the bank’s stock after selling 87,506 shares during the period. Boothbay Fund Management LLC owned 0.09% of TowneBank worth $2,311,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TOWN. Wellington Management Group LLP acquired a new position in TowneBank during the 4th quarter valued at about $22,894,000. Raymond James Financial Inc. acquired a new position in TowneBank during the 4th quarter valued at about $14,122,000. T. Rowe Price Investment Management Inc. boosted its stake in TowneBank by 5.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,344,673 shares of the bank’s stock valued at $147,980,000 after purchasing an additional 210,521 shares during the period. Lightrock Netherlands B.V. acquired a new position in TowneBank during the 4th quarter valued at about $6,746,000. Finally, Norges Bank bought a new stake in shares of TowneBank during the 4th quarter worth about $6,385,000. 55.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TOWN has been the topic of a number of recent analyst reports. Stephens restated an “equal weight” rating and set a $41.00 price target on shares of TowneBank in a research report on Thursday, January 23rd. Hovde Group upgraded shares of TowneBank from a “market perform” rating to an “outperform” rating and dropped their price target for the stock from $39.00 to $38.00 in a research report on Friday, April 4th.

Read Our Latest Research Report on TOWN

TowneBank Price Performance

NASDAQ TOWN opened at $32.84 on Monday. TowneBank has a 12 month low of $25.70 and a 12 month high of $38.28. The company has a market capitalization of $2.46 billion, a P/E ratio of 15.27 and a beta of 0.79. The company’s 50 day simple moving average is $33.73 and its 200 day simple moving average is $34.62.

TowneBank (NASDAQ:TOWN – Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.07. The company had revenue of $190.04 million for the quarter, compared to analysts’ expectations of $191.29 million. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. On average, analysts anticipate that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Monday, March 31st were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.05%. The ex-dividend date was Monday, March 31st. TowneBank’s dividend payout ratio is presently 42.37%.

TowneBank Company Profile

(Free Report)

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.

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