Connor Clark & Lunn Investment Management Ltd. Takes Position in TowneBank (NASDAQ:TOWN)

Connor Clark & Lunn Investment Management Ltd. acquired a new position in TowneBank (NASDAQ:TOWN - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 16,702 shares of the bank's stock, valued at approximately $552,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in TOWN. Price T Rowe Associates Inc. MD increased its stake in shares of TowneBank by 3.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 68,805 shares of the bank's stock valued at $1,931,000 after purchasing an additional 2,477 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of TowneBank by 2,100.3% during the 1st quarter. Public Employees Retirement System of Ohio now owns 21,519 shares of the bank's stock worth $604,000 after buying an additional 20,541 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in shares of TowneBank during the 2nd quarter valued at approximately $249,000. Oak Harbor Wealth Partners LLC grew its stake in TowneBank by 7.0% in the 2nd quarter. Oak Harbor Wealth Partners LLC now owns 8,408 shares of the bank's stock valued at $229,000 after acquiring an additional 549 shares during the period. Finally, SummerHaven Investment Management LLC increased its holdings in TowneBank by 1.9% in the 2nd quarter. SummerHaven Investment Management LLC now owns 31,187 shares of the bank's stock worth $850,000 after acquiring an additional 569 shares in the last quarter. Institutional investors and hedge funds own 55.99% of the company's stock.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods upgraded shares of TowneBank from a "market perform" rating to an "outperform" rating and lifted their target price for the company from $35.00 to $40.00 in a research report on Wednesday, October 2nd.

TowneBank Price Performance

Shares of TOWN traded down $0.05 during mid-day trading on Friday, reaching $36.63. The stock had a trading volume of 163,269 shares, compared to its average volume of 254,911. The business's fifty day moving average is $34.22 and its 200 day moving average is $31.55. TowneBank has a 52-week low of $25.70 and a 52-week high of $37.77. The firm has a market cap of $2.75 billion, a price-to-earnings ratio of 18.41 and a beta of 0.89.

TowneBank (NASDAQ:TOWN - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.02. TowneBank had a return on equity of 7.32% and a net margin of 14.89%. The company had revenue of $258.86 million during the quarter, compared to analyst estimates of $179.80 million. During the same period in the prior year, the business posted $0.60 earnings per share. As a group, sell-side analysts anticipate that TowneBank will post 2.07 EPS for the current fiscal year.

TowneBank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be issued a $0.25 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 2.73%. TowneBank's dividend payout ratio (DPR) is currently 50.25%.

TowneBank 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.