UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of TowneBank (NASDAQ:TOWN - Free Report) by 18.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 150,598 shares of the bank's stock after purchasing an additional 23,145 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.20% of TowneBank worth $5,129,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Picton Mahoney Asset Management purchased a new stake in shares of TowneBank during the 4th quarter valued at $28,000. Blue Trust Inc. lifted its holdings in shares of TowneBank by 258.5% during the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock valued at $47,000 after purchasing an additional 1,034 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in shares of TowneBank by 807.8% during the 4th quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank's stock valued at $75,000 after purchasing an additional 1,971 shares during the last quarter. Federated Hermes Inc. purchased a new stake in shares of TowneBank during the 4th quarter valued at $82,000. Finally, KBC Group NV lifted its holdings in shares of TowneBank by 28.2% during the 4th quarter. KBC Group NV now owns 3,858 shares of the bank's stock valued at $131,000 after purchasing an additional 848 shares during the last quarter. Hedge funds and other institutional investors own 55.99% of the company's stock.
TowneBank Stock Performance
Shares of NASDAQ TOWN traded down $0.11 during mid-day trading on Thursday, hitting $33.58. The stock had a trading volume of 192,312 shares, compared to its average volume of 257,170. The company has a 50 day moving average of $33.12 and a two-hundred day moving average of $34.62. TowneBank has a twelve month low of $25.70 and a twelve month high of $38.28. The firm has a market cap of $2.52 billion, a PE ratio of 15.62 and a beta of 0.79.
TowneBank (NASDAQ:TOWN - Get Free Report) last released its earnings results on Wednesday, April 23rd. The bank reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. The firm had revenue of $190.04 million for the quarter, compared to the consensus estimate of $191.29 million. During the same period in the prior year, the firm earned $0.48 EPS. The firm's revenue was up 14.9% on a year-over-year basis. Equities research analysts predict that TowneBank will post 2.6 EPS for the current fiscal year.
TowneBank Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 3.22%. This is an increase from TowneBank's previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, June 27th. TowneBank's dividend payout ratio is presently 45.76%.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on TOWN shares. Hovde Group increased their price objective on TowneBank from $38.00 to $39.00 and gave the company an "outperform" rating in a report on Monday, April 28th. Wall Street Zen upgraded TowneBank from a "sell" rating to a "hold" rating in a report on Friday, May 30th.
Check Out Our Latest Stock Analysis on TOWN
TowneBank Company Profile
(
Free Report)
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.
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