UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Grows Position in TowneBank (NASDAQ:TOWN)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of TowneBank (NASDAQ:TOWN - Free Report) by 18.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 150,598 shares of the bank's stock after acquiring an additional 23,145 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.20% of TowneBank worth $5,129,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in TowneBank by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 7,482,171 shares of the bank's stock worth $254,843,000 after acquiring an additional 49,970 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in shares of TowneBank by 5.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,344,673 shares of the bank's stock worth $147,980,000 after buying an additional 210,521 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of TowneBank by 9.1% in the 4th quarter. Victory Capital Management Inc. now owns 2,155,201 shares of the bank's stock worth $73,406,000 after buying an additional 180,330 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of TowneBank by 0.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 845,335 shares of the bank's stock worth $28,792,000 after buying an additional 6,285 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in shares of TowneBank by 6.3% in the 4th quarter. Janus Henderson Group PLC now owns 787,667 shares of the bank's stock worth $26,827,000 after buying an additional 46,678 shares during the last quarter. 55.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on TOWN. Wall Street Zen raised shares of TowneBank from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Hovde Group boosted their price target on shares of TowneBank from $38.00 to $39.00 and gave the stock an "outperform" rating in a report on Monday, April 28th.

TowneBank Trading Up 1.8%

Shares of NASDAQ:TOWN traded up $0.62 during midday trading on Friday, reaching $34.20. The company had a trading volume of 180,706 shares, compared to its average volume of 257,913. The company's 50 day moving average price is $33.12 and its 200 day moving average price is $34.60. The stock has a market cap of $2.57 billion, a P/E ratio of 15.91 and a beta of 0.79. TowneBank has a 52-week low of $25.70 and a 52-week high of $38.28.

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

TowneBank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a dividend of $0.27 per share. 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 annualized dividend and a yield of 3.16%. TowneBank's dividend payout ratio is 45.76%.

About TowneBank

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.