Bay Capital Advisors LLC acquired a new position in shares of TowneBank (NASDAQ:TOWN - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 19,646 shares of the bank's stock, valued at approximately $669,000.
Other institutional investors also recently bought and sold shares of the company. Picton Mahoney Asset Management acquired a new stake in shares of TowneBank during the 4th quarter worth approximately $28,000. Salem Investment Counselors Inc. purchased a new position in TowneBank in the fourth quarter worth approximately $34,000. Blue Trust Inc. increased its stake in TowneBank by 258.5% during 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 during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in TowneBank in the third quarter valued at $73,000. Finally, KBC Group NV lifted its stake in shares of TowneBank by 28.2% in the 4th quarter. KBC Group NV now owns 3,858 shares of the bank's stock valued at $131,000 after purchasing an additional 848 shares during the last quarter. 55.99% of the stock is owned by hedge funds and other institutional investors.
TowneBank Price Performance
Shares of NASDAQ:TOWN traded down $0.69 during mid-day trading on Friday, reaching $34.45. 132,405 shares of the company were exchanged, compared to its average volume of 250,027. TowneBank has a 1 year low of $25.70 and a 1 year high of $38.28. The firm's 50-day simple moving average is $35.64 and its 200 day simple moving average is $34.85. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 16.02 and a beta of 0.88.
TowneBank (NASDAQ:TOWN - Get Free Report) last released its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, topping 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%. On average, research analysts forecast that TowneBank will post 2.6 earnings per share for the current fiscal year.
TowneBank Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors 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 2.90%. The ex-dividend date is Monday, March 31st. TowneBank's dividend payout ratio (DPR) is 46.51%.
Wall Street Analyst Weigh In
Separately, Stephens reissued an "equal weight" rating and set a $41.00 price objective on shares of TowneBank in a research report on Thursday, January 23rd.
Check Out Our Latest Stock Analysis on TOWN
About TowneBank
(
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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