Oak Harbor Wealth Partners LLC Purchases 549 Shares of TowneBank (NASDAQ:TOWN)

Oak Harbor Wealth Partners LLC increased its position in shares of TowneBank (NASDAQ:TOWN) by 7.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,408 shares of the bank’s stock after buying an additional 549 shares during the period. Oak Harbor Wealth Partners LLC’s holdings in TowneBank were worth $229,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of TOWN. Norges Bank acquired a new position in shares of TowneBank during the fourth quarter valued at about $10,851,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of TowneBank during the first quarter valued at about $4,907,000. Dimensional Fund Advisors LP raised its holdings in shares of TowneBank by 4.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,036,878 shares of the bank’s stock valued at $120,140,000 after purchasing an additional 162,347 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of TowneBank by 92.5% during the first quarter. Russell Investments Group Ltd. now owns 181,730 shares of the bank’s stock valued at $5,099,000 after purchasing an additional 87,332 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in shares of TowneBank by 41.4% during the fourth quarter. Victory Capital Management Inc. now owns 265,062 shares of the bank’s stock valued at $7,888,000 after purchasing an additional 77,621 shares during the period. Institutional investors own 55.99% of the company’s stock.

TowneBank Stock Performance

NASDAQ TOWN traded up $0.48 on Friday, hitting $32.79. The stock had a trading volume of 194,623 shares, compared to its average volume of 339,855. TowneBank has a 52-week low of $21.63 and a 52-week high of $33.97. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of 16.31 and a beta of 0.90. The firm has a 50-day moving average of $29.45 and a 200-day moving average of $27.95.

TowneBank (NASDAQ:TOWN) last posted its earnings results on Wednesday, July 24th. The bank reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.09. TowneBank had a net margin of 15.33% and a return on equity of 7.61%. The business had revenue of $174.97 million for the quarter, compared to analysts’ expectations of $172.20 million. During the same period in the prior year, the company posted $0.52 EPS. The business’s revenue for the quarter was down 3.6% compared to the same quarter last year. As a group, research analysts anticipate that TowneBank will post 2.15 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend was Friday, June 28th. TowneBank’s dividend payout ratio is presently 49.75%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upped their price objective on shares of TowneBank from $30.00 to $35.00 and gave the company a “market perform” rating in a report on Monday, July 29th. StockNews.com raised shares of TowneBank from a “sell” rating to a “hold” rating in a research report 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.