Bank of America Corp DE reduced its stake in TowneBank (NASDAQ:TOWN - Free Report) by 17.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 276,768 shares of the bank's stock after selling 56,661 shares during the period. Bank of America Corp DE owned about 0.37% of TowneBank worth $9,427,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of TowneBank by 2.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 17,067 shares of the bank's stock worth $581,000 after buying an additional 365 shares during the last quarter. Summit Investment Advisors Inc. grew its position in shares of TowneBank by 5.4% in the 4th quarter. Summit Investment Advisors Inc. now owns 7,354 shares of the bank's stock worth $250,000 after buying an additional 376 shares during the last quarter. Choreo LLC grew its position in shares of TowneBank by 1.3% in the 4th quarter. Choreo LLC now owns 30,112 shares of the bank's stock worth $1,033,000 after buying an additional 383 shares during the last quarter. Invesco Ltd. grew its position in shares of TowneBank by 0.3% in the 4th quarter. Invesco Ltd. now owns 167,173 shares of the bank's stock worth $5,694,000 after buying an additional 430 shares during the last quarter. Finally, Cerity Partners LLC grew its position in shares of TowneBank by 0.4% in the 4th quarter. Cerity Partners LLC now owns 109,607 shares of the bank's stock worth $3,733,000 after buying an additional 463 shares during the last quarter. 55.99% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently weighed in on the company. Wall Street Zen lowered TowneBank from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Hovde Group lifted their price target on TowneBank from $38.00 to $39.00 and gave the company an "outperform" rating in a research report on Monday, April 28th.
View Our Latest Stock Analysis on TOWN
TowneBank Stock Performance
Shares of NASDAQ TOWN traded up $0.24 during mid-day trading on Thursday, hitting $34.56. 154,748 shares of the stock traded hands, compared to its average volume of 255,703. TowneBank has a 52 week low of $25.70 and a 52 week high of $38.28. The company has a market cap of $2.59 billion, a price-to-earnings ratio of 16.07 and a beta of 0.79. The stock has a fifty day moving average price of $33.18 and a 200-day moving average price of $34.65.
TowneBank (NASDAQ:TOWN - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.68 earnings per share 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 company had revenue of $190.04 million for the quarter, compared to analyst estimates of $191.29 million. During the same period in the previous year, the company posted $0.48 earnings per share. The firm's revenue was up 14.9% on a year-over-year basis. As a group, sell-side analysts predict that TowneBank will post 2.6 EPS for the current fiscal year.
TowneBank Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a dividend of $0.27 per share. This is a boost from TowneBank's previous quarterly dividend of $0.25. The ex-dividend date is Friday, June 27th. This represents a $1.08 dividend on an annualized basis and a yield of 3.13%. TowneBank's payout ratio is presently 45.76%.
TowneBank 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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