FJ Capital Management LLC Buys New Shares in TowneBank (NASDAQ:TOWN)

FJ Capital Management LLC acquired a new stake in TowneBank (NASDAQ:TOWN - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 290,906 shares of the bank's stock, valued at approximately $9,908,000. TowneBank accounts for 1.1% of FJ Capital Management LLC's holdings, making the stock its 29th biggest holding. FJ Capital Management LLC owned 0.39% of TowneBank at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in TOWN. Picton Mahoney Asset Management acquired a new position in TowneBank in the 4th quarter valued at approximately $28,000. Salem Investment Counselors Inc. acquired a new position in TowneBank in the 4th quarter valued at approximately $34,000. Blue Trust Inc. grew its position in TowneBank by 258.5% in the fourth quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock worth $47,000 after acquiring an additional 1,034 shares in the last quarter. Sterling Capital Management LLC grew its position in TowneBank by 807.8% in the fourth quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank's stock worth $75,000 after acquiring an additional 1,971 shares in the last quarter. Finally, Federated Hermes Inc. bought a new stake in TowneBank in the fourth quarter worth approximately $82,000. Institutional investors and hedge funds own 55.99% of the company's stock.

TowneBank Stock Performance

Shares of TowneBank stock traded down $0.15 on Friday, reaching $33.84. The stock had a trading volume of 144,316 shares, compared to its average volume of 257,650. The business's 50-day moving average price is $33.14 and its two-hundred day moving average price is $34.55. TowneBank has a fifty-two week low of $25.70 and a fifty-two week high of $38.28. The stock has a market cap of $2.54 billion, a P/E ratio of 15.74 and a beta of 0.79.

TowneBank (NASDAQ:TOWN - Get Free Report) last issued 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 business had revenue of $190.04 million during the quarter, compared to analysts' expectations of $191.29 million. During the same period in the previous year, the company earned $0.48 earnings per share. TowneBank's revenue for the quarter was up 14.9% on a year-over-year basis. As a group, equities analysts forecast that TowneBank will post 2.6 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Monday, March 31st were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date of this dividend was Monday, March 31st. TowneBank's payout ratio is 42.37%.

Wall Street Analysts Forecast Growth

Several research firms have commented on TOWN. Hovde Group boosted their target price on shares of TowneBank from $38.00 to $39.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. Stephens reissued an "equal weight" rating and issued a $41.00 target price on shares of TowneBank in a research report on Thursday, January 23rd.

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.