Nuveen Asset Management LLC reduced its position in TowneBank (NASDAQ:TOWN - Free Report) by 11.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 457,882 shares of the bank's stock after selling 59,298 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.61% of TowneBank worth $15,595,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of TowneBank by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 7,482,171 shares of the bank's stock valued at $254,843,000 after purchasing an additional 49,970 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its stake in TowneBank by 5.1% during 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 purchasing an additional 210,521 shares in the last quarter. Victory Capital Management Inc. increased its holdings in TowneBank by 9.1% during the 4th quarter. Victory Capital Management Inc. now owns 2,155,201 shares of the bank's stock worth $73,406,000 after purchasing an additional 180,330 shares during the period. Charles Schwab Investment Management Inc. raised its position in TowneBank by 0.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 845,335 shares of the bank's stock valued at $28,792,000 after purchasing an additional 6,285 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake 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 valued at $26,827,000 after buying an additional 46,678 shares during the period. 55.99% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on TOWN shares. Wall Street Zen upgraded shares of TowneBank from a "sell" rating to a "hold" rating in a research note on Friday. Hovde Group raised their price objective on shares of TowneBank from $38.00 to $39.00 and gave the company an "outperform" rating in a report on Monday, April 28th.
View Our Latest Research Report on TOWN
TowneBank Price Performance
Shares of NASDAQ TOWN traded up $0.10 during midday trading on Friday, hitting $34.66. 13,734 shares of the company's stock were exchanged, compared to its average volume of 254,752. The firm's fifty day simple moving average is $33.18 and its 200-day simple moving average is $34.65. The company has a market cap of $2.60 billion, a PE ratio of 16.07 and a beta of 0.79. TowneBank has a twelve month low of $25.70 and a twelve month 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 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. The company had revenue of $190.04 million for the quarter, compared to analysts' expectations of $191.29 million. During the same quarter last year, the company earned $0.48 earnings per share. The firm's revenue for the quarter was up 14.9% on a year-over-year basis. Equities analysts anticipate that TowneBank will post 2.6 EPS for the current fiscal year.
TowneBank Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date is Friday, June 27th. This is an increase from TowneBank's previous quarterly dividend of $0.25. TowneBank's dividend payout ratio (DPR) is currently 45.76%.
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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