IndexIQ Advisors LLC cut its holdings in TowneBank (NASDAQ:TOWN) by 77.1% in the 1st quarter, HoldingsChannel reports. The fund owned 16,855 shares of the bank’s stock after selling 56,630 shares during the period. IndexIQ Advisors LLC’s holdings in TowneBank were worth $417,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in TowneBank by 2.7% during the third quarter. Vanguard Group Inc. now owns 5,624,397 shares of the bank’s stock valued at $173,513,000 after purchasing an additional 149,181 shares during the period. BlackRock Inc. grew its holdings in TowneBank by 5.3% during the fourth quarter. BlackRock Inc. now owns 4,830,176 shares of the bank’s stock valued at $115,682,000 after purchasing an additional 242,959 shares during the period. Dimensional Fund Advisors LP grew its holdings in TowneBank by 5.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,508,169 shares of the bank’s stock valued at $60,072,000 after purchasing an additional 133,809 shares during the period. Northern Trust Corp grew its holdings in TowneBank by 0.7% during the fourth quarter. Northern Trust Corp now owns 1,239,132 shares of the bank’s stock valued at $29,678,000 after purchasing an additional 9,065 shares during the period. Finally, Reliance Trust Co. bought a new position in TowneBank during the first quarter valued at $19,996,000. 46.50% of the stock is owned by institutional investors.
TOWN has been the subject of several research reports. Zacks Investment Research lowered TowneBank from a “hold” rating to a “sell” rating in a report on Tuesday, April 30th. BidaskClub raised TowneBank from a “sell” rating to a “hold” rating in a report on Saturday, May 4th. Brean Capital reissued a “hold” rating on shares of TowneBank in a report on Monday, February 4th. Finally, ValuEngine lowered TowneBank from a “hold” rating to a “sell” rating in a report on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $34.00.
TowneBank (NASDAQ:TOWN) last posted its earnings results on Thursday, April 25th. The bank reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.05). The company had revenue of $133.85 million for the quarter, compared to analysts’ expectations of $138.13 million. TowneBank had a return on equity of 9.40% and a net margin of 22.24%. Analysts anticipate that TowneBank will post 1.94 earnings per share for the current year.
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.
Further Reading: Special Dividends
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