Empowered Funds LLC Grows Stock Holdings in TowneBank (NASDAQ:TOWN)

Empowered Funds LLC grew its holdings in TowneBank (NASDAQ:TOWN) by 6.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 225,242 shares of the bank’s stock after buying an additional 13,062 shares during the period. Empowered Funds LLC owned approximately 0.30% of TowneBank worth $7,446,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Innealta Capital LLC bought a new position in shares of TowneBank during the 2nd quarter valued at approximately $62,000. Point72 DIFC Ltd purchased a new position in TowneBank during the second quarter worth $73,000. KBC Group NV bought a new position in TowneBank during the third quarter valued at $100,000. EMC Capital Management raised its stake in shares of TowneBank by 230.4% in the first quarter. EMC Capital Management now owns 5,703 shares of the bank’s stock valued at $160,000 after acquiring an additional 3,977 shares during the period. Finally, Bessemer Group Inc. lifted its holdings in shares of TowneBank by 45.2% in the 1st quarter. Bessemer Group Inc. now owns 6,817 shares of the bank’s stock worth $191,000 after acquiring an additional 2,121 shares during the last quarter. 55.99% of the stock is currently owned by institutional investors.

TowneBank Price Performance

Shares of TOWN opened at $35.21 on Friday. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 17.69 and a beta of 0.89. TowneBank has a 1-year low of $25.70 and a 1-year high of $36.67. The company has a 50-day moving average of $33.74 and a 200 day moving average of $30.96.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.02. TowneBank had a net margin of 14.89% and a return on equity of 7.41%. The firm had revenue of $258.86 million during the quarter, compared to the consensus estimate of $179.80 million. During the same quarter in the previous year, the firm posted $0.60 earnings per share. On average, equities analysts anticipate that TowneBank will post 2.07 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date was Monday, September 30th. TowneBank’s payout ratio is 50.25%.

Analyst Upgrades and Downgrades

TOWN has been the topic of several analyst reports. Keefe, Bruyette & Woods upgraded shares of TowneBank from a “market perform” rating to an “outperform” rating and upped their price target for the company from $35.00 to $40.00 in a report on Wednesday, October 2nd. StockNews.com raised TowneBank from a “sell” rating to a “hold” rating in a research note on Monday, July 29th.

About TowneBank

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.