Palladium Partners LLC Has $2.85 Million Stake in TowneBank (TOWN)

Palladium Partners LLC reduced its position in shares of TowneBank (NASDAQ:TOWN) by 0.9% in the first quarter, HoldingsChannel.com reports. The firm owned 115,205 shares of the bank’s stock after selling 1,024 shares during the period. Palladium Partners LLC’s holdings in TowneBank were worth $2,851,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its position in TowneBank by 4.2% in the third quarter. JPMorgan Chase & Co. now owns 46,469 shares of the bank’s stock valued at $1,433,000 after acquiring an additional 1,881 shares during the period. Teachers Advisors LLC grew its position in TowneBank by 3.2% in the third quarter. Teachers Advisors LLC now owns 126,794 shares of the bank’s stock valued at $3,912,000 after acquiring an additional 3,903 shares during the period. Vanguard Group Inc. grew its position in TowneBank by 2.7% in the third quarter. Vanguard Group Inc. now owns 5,624,397 shares of the bank’s stock valued at $173,513,000 after acquiring an additional 149,181 shares during the period. Federated Investors Inc. PA grew its position in TowneBank by 7,156.9% in the third quarter. Federated Investors Inc. PA now owns 162,410 shares of the bank’s stock valued at $5,010,000 after acquiring an additional 160,172 shares during the period. Finally, Vanguard Group Inc grew its position in TowneBank by 2.7% in the third quarter. Vanguard Group Inc now owns 5,624,397 shares of the bank’s stock valued at $173,513,000 after acquiring an additional 149,181 shares during the period. Institutional investors own 46.62% of the company’s stock.

TowneBank stock traded down $0.41 on Friday, reaching $26.00. The company’s stock had a trading volume of 301 shares, compared to its average volume of 107,865. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.00 and a current ratio of 1.02. The firm has a market cap of $1.94 billion, a P/E ratio of 13.15 and a beta of 1.12. TowneBank has a twelve month low of $22.88 and a twelve month high of $33.85.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings data on Thursday, April 25th. The bank reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.05). The business had revenue of $133.85 million during the quarter, compared to analyst estimates of $138.13 million. TowneBank had a return on equity of 9.40% and a net margin of 22.24%. On average, equities research analysts predict that TowneBank will post 1.94 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 10th. Shareholders of record on Friday, March 29th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date was Thursday, March 28th. TowneBank’s dividend payout ratio is currently 32.32%.

A number of analysts have weighed in on the company. BidaskClub upgraded TowneBank from a “sell” rating to a “hold” rating in a research report on Saturday, May 4th. Zacks Investment Research lowered TowneBank from a “hold” rating to a “sell” rating in a research note on Tuesday, April 30th. ValuEngine raised TowneBank from a “sell” rating to a “hold” rating in a research note on Tuesday, February 12th. Finally, Brean Capital reissued a “hold” rating on shares of TowneBank in a research note on Friday, January 25th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $34.00.

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TowneBank Company 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, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.

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Institutional Ownership by Quarter for TowneBank (NASDAQ:TOWN)

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