Oak Harbor Wealth Partners LLC Purchases New Stake in TowneBank (NASDAQ:TOWN)

Oak Harbor Wealth Partners LLC acquired a new position in shares of TowneBank (NASDAQ:TOWN) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 7,859 shares of the bank’s stock, valued at approximately $234,000.

Several other large investors also recently modified their holdings of TOWN. Vanguard Group Inc. raised its stake in TowneBank by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 7,409,093 shares of the bank’s stock worth $169,891,000 after purchasing an additional 101,677 shares in the last quarter. Dimensional Fund Advisors LP increased 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 worth $120,140,000 after purchasing an additional 162,347 shares during the period. Nuance Investments LLC lifted its position in shares of TowneBank by 1.6% during the 4th quarter. Nuance Investments LLC now owns 2,410,827 shares of the bank’s stock valued at $71,746,000 after acquiring an additional 38,783 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of TowneBank by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 784,137 shares of the bank’s stock worth $23,336,000 after purchasing an additional 31,755 shares during the period. Finally, Norges Bank acquired a new position in TowneBank in the fourth quarter valued at about $10,851,000. 55.99% of the stock is owned by institutional investors.

TowneBank Price Performance

Shares of TowneBank stock traded up $0.08 during trading on Friday, reaching $27.04. 20,032 shares of the company’s stock were exchanged, compared to its average volume of 244,651. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 0.88. TowneBank has a 1-year low of $21.63 and a 1-year high of $31.08. The company has a market cap of $1.97 billion, a P/E ratio of 13.41 and a beta of 0.89. The firm’s 50-day moving average price is $27.12 and its 200 day moving average price is $27.64.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings results on Wednesday, April 24th. The bank reported $0.48 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.48. TowneBank had a net margin of 15.50% and a return on equity of 7.51%. The company had revenue of $167.10 million for the quarter, compared to analyst estimates of $169.68 million. During the same period in the previous year, the firm posted $0.62 EPS. The firm’s revenue was down 9.2% on a year-over-year basis. As a group, research analysts anticipate that TowneBank will post 2.07 earnings per share for the current year.

TowneBank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.00 annualized dividend and a yield of 3.70%. TowneBank’s dividend payout ratio is presently 49.75%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of TowneBank from a “hold” rating to a “sell” rating in a report on Thursday, February 8th.

TowneBank Company Profile

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.