Mackenzie Financial Corp Takes $642,000 Position in TowneBank (NASDAQ:TOWN)

Mackenzie Financial Corp purchased a new position in TowneBank (NASDAQ:TOWN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 18,836 shares of the bank's stock, valued at approximately $642,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Picton Mahoney Asset Management acquired a new stake in shares of TowneBank during the fourth quarter worth about $28,000. Blue Trust Inc. lifted its holdings in shares of TowneBank by 258.5% during the fourth quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock worth $47,000 after purchasing an additional 1,034 shares during the period. Sterling Capital Management LLC lifted its holdings 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 period. Federated Hermes Inc. acquired a new stake in shares of TowneBank during the fourth quarter worth about $82,000. Finally, KBC Group NV lifted its holdings in shares of TowneBank by 28.2% during the fourth quarter. KBC Group NV now owns 3,858 shares of the bank's stock worth $131,000 after purchasing an additional 848 shares during the period. Institutional investors and hedge funds own 55.99% of the company's stock.

Analyst Ratings Changes

TOWN has been the subject of a number of research reports. Hovde Group lifted their target price on TowneBank from $38.00 to $39.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Wall Street Zen raised TowneBank from a "sell" rating to a "hold" rating in a report on Friday, May 30th.

TowneBank Price Performance

NASDAQ:TOWN traded up $0.62 during trading hours on Friday, reaching $34.20. The company had a trading volume of 180,706 shares, compared to its average volume of 257,913. TowneBank has a 1-year low of $25.70 and a 1-year high of $38.28. The firm has a market cap of $2.57 billion, a PE ratio of 15.91 and a beta of 0.79. The business's 50 day moving average price is $33.12 and its 200-day moving average price is $34.60.

TowneBank (NASDAQ:TOWN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. The company had revenue of $190.04 million during the quarter, compared to the consensus estimate of $191.29 million. During the same period in the previous year, the company posted $0.48 earnings per share. TowneBank's revenue for the quarter was up 14.9% on a year-over-year basis. On average, analysts expect that TowneBank will post 2.6 earnings per share for the current fiscal year.

TowneBank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a $0.27 dividend. The ex-dividend date is Friday, June 27th. This is an increase from TowneBank's previous quarterly dividend of $0.25. This represents a $1.08 dividend on an annualized basis and a yield of 3.16%. TowneBank's payout ratio is presently 45.76%.

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.