State Board of Administration of Florida Retirement System Reduced Holding in TowneBank (TOWN)

State Board of Administration of Florida Retirement System Reduced Holding in TowneBank (TOWN)

State Board of Administration of Florida Retirement System lowered its stake in TowneBank (NASDAQ:TOWN) by 40.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 59,652 shares of the bank’s stock after selling 40,858 shares during the period. State Board of Administration of Florida Retirement System’s holdings in TowneBank were worth $1,933,000 at the end of the most recent reporting period.

TowneBank (TOWN) opened at 29.55 on Friday. The stock has a market cap of $1.83 billion, a P/E ratio of 24.83 and a beta of 0.98. TowneBank has a 52-week low of $20.10 and a 52-week high of $34.55. The firm’s 50-day moving average price is $31.17 and its 200 day moving average price is $32.07.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings data on Thursday, April 27th. The bank reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by $0.02. The firm had revenue of $105.17 million during the quarter, compared to the consensus estimate of $107.55 million. Equities analysts predict that TowneBank will post $1.61 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 12th. Stockholders of record on Friday, June 30th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date is Wednesday, June 28th. This is an increase from TowneBank’s previous quarterly dividend of $0.13. TowneBank’s dividend payout ratio is 44.44%.

Several research firms have weighed in on TOWN. Zacks Investment Research downgraded TowneBank from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 15th. Piper Jaffray Companies began coverage on TowneBank in a research report on Friday, March 31st. They set a “neutral” rating and a $31.00 price target for the company.

About TowneBank

TowneBank is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three segments: Banking, Realty and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. The Realty segment provides residential real estate services, originations of a range of mortgage loans, resort property management, and residential and commercial title TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:TOWN”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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