TowneBank (NASDAQ:TOWN) Holdings Lifted by Barclays PLC

Barclays PLC lifted its stake in shares of TowneBank (NASDAQ:TOWN - Free Report) by 6.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 153,218 shares of the bank's stock after buying an additional 9,304 shares during the quarter. Barclays PLC owned 0.20% of TowneBank worth $5,218,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Summit Investment Advisors Inc. boosted its stake in TowneBank by 5.4% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,354 shares of the bank's stock valued at $250,000 after acquiring an additional 376 shares during the last quarter. Sterling Capital Management LLC lifted its position in shares of TowneBank by 807.8% during the fourth quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank's stock worth $75,000 after purchasing an additional 1,971 shares during the last quarter. Raymond James Financial Inc. acquired a new position in TowneBank in the fourth quarter worth about $14,122,000. Martingale Asset Management L P increased its holdings in TowneBank by 376.5% in the fourth quarter. Martingale Asset Management L P now owns 102,955 shares of the bank's stock valued at $3,507,000 after buying an additional 81,350 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in TowneBank by 6.9% in the fourth quarter. Renaissance Technologies LLC now owns 714,850 shares of the bank's stock valued at $24,348,000 after buying an additional 46,400 shares during the last quarter. 55.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on TOWN. Hovde Group raised their price target on shares of TowneBank from $38.00 to $39.00 and gave the stock an "outperform" rating in a research report on Monday. Stephens restated an "equal weight" rating and issued a $41.00 target price on shares of TowneBank in a research note on Thursday, January 23rd.

TowneBank Stock Up 1.6 %

NASDAQ TOWN traded up $0.54 during trading hours on Friday, hitting $33.52. The company had a trading volume of 18,249 shares, compared to its average volume of 257,603. The firm has a market cap of $2.51 billion, a P/E ratio of 15.62 and a beta of 0.79. TowneBank has a fifty-two week low of $25.70 and a fifty-two week high of $38.28. The business has a fifty day simple moving average of $33.44 and a 200-day simple moving average of $34.58.

TowneBank (NASDAQ:TOWN - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. The business had revenue of $190.04 million for the quarter, compared to analysts' expectations of $191.29 million. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. The company's revenue for the quarter was up 14.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.48 EPS. Equities analysts forecast that TowneBank will post 2.6 EPS for the current fiscal year.

TowneBank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Monday, March 31st were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.98%. The ex-dividend date was Monday, March 31st. TowneBank's payout ratio is currently 42.37%.

TowneBank 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.