Arrowstreet Capital Limited Partnership Has $19.90 Million Stake in TowneBank (NASDAQ:TOWN)

Arrowstreet Capital Limited Partnership trimmed its holdings in TowneBank (NASDAQ:TOWN - Free Report) by 24.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 584,285 shares of the bank's stock after selling 187,327 shares during the period. Arrowstreet Capital Limited Partnership owned 0.78% of TowneBank worth $19,901,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in TOWN. Pictet Asset Management Holding SA raised its holdings in TowneBank by 19.9% in the 4th quarter. Pictet Asset Management Holding SA now owns 12,383 shares of the bank's stock valued at $422,000 after acquiring an additional 2,052 shares in the last quarter. Norges Bank bought a new position in shares of TowneBank in the fourth quarter worth $6,385,000. JPMorgan Chase & Co. raised its stake in TowneBank by 16.5% in the fourth quarter. JPMorgan Chase & Co. now owns 421,602 shares of the bank's stock valued at $14,360,000 after purchasing an additional 59,642 shares in the last quarter. Bay Capital Advisors LLC bought a new stake in TowneBank during the fourth quarter worth about $669,000. Finally, Advantage Alpha Capital Partners LP grew its stake in TowneBank by 12.6% during the fourth quarter. Advantage Alpha Capital Partners LP now owns 17,757 shares of the bank's stock worth $605,000 after buying an additional 1,988 shares in the last quarter. 55.99% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on TOWN shares. Hovde Group upgraded shares of TowneBank from a "market perform" rating to an "outperform" rating and reduced their price target for the stock from $39.00 to $38.00 in a research report on Friday. Stephens reiterated an "equal weight" rating and issued a $41.00 price target on shares of TowneBank in a research note on Thursday, January 23rd.

TowneBank Trading Down 0.4 %

NASDAQ:TOWN traded down $0.11 on Tuesday, hitting $30.40. The company had a trading volume of 421,686 shares, compared to its average volume of 256,449. TowneBank has a 52 week low of $25.70 and a 52 week high of $38.28. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of 14.14 and a beta of 0.79. The firm has a 50 day moving average of $35.11 and a two-hundred day moving average of $34.74.

TowneBank (NASDAQ:TOWN - Get Free Report) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, beating analysts' consensus estimates of $0.48 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. As a group, equities analysts forecast that TowneBank will post 2.6 EPS for the current year.

TowneBank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date is Monday, March 31st. TowneBank's payout ratio is 46.51%.

TowneBank Company Profile

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.