Guggenheim Capital LLC Acquires 11,345 Shares of TowneBank (NASDAQ:TOWN)

Guggenheim Capital LLC lifted its holdings in shares of TowneBank (NASDAQ:TOWN - Free Report) by 10.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 118,781 shares of the bank's stock after buying an additional 11,345 shares during the quarter. Guggenheim Capital LLC owned about 0.16% of TowneBank worth $4,046,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of TowneBank by 2.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 17,067 shares of the bank's stock worth $581,000 after buying an additional 365 shares during the period. Summit Investment Advisors Inc. grew its position in shares of TowneBank by 5.4% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,354 shares of the bank's stock worth $250,000 after buying an additional 376 shares during the period. Harbor Capital Advisors Inc. grew its position in shares of TowneBank by 1.9% during the 4th quarter. Harbor Capital Advisors Inc. now owns 20,073 shares of the bank's stock worth $684,000 after buying an additional 383 shares during the period. Choreo LLC grew its position in shares of TowneBank by 1.3% during the 4th quarter. Choreo LLC now owns 30,112 shares of the bank's stock worth $1,033,000 after buying an additional 383 shares during the period. Finally, Invesco Ltd. grew its position in shares of TowneBank by 0.3% during the 4th quarter. Invesco Ltd. now owns 167,173 shares of the bank's stock worth $5,694,000 after buying an additional 430 shares during the period. Institutional investors and hedge funds own 55.99% of the company's stock.

TowneBank Price Performance

Shares of TowneBank stock traded up $0.32 on Thursday, hitting $32.90. The company had a trading volume of 62,583 shares, compared to its average volume of 258,473. The firm has a market capitalization of $2.47 billion, a P/E ratio of 15.27 and a beta of 0.79. TowneBank has a twelve month low of $25.70 and a twelve month high of $38.28. The stock has a 50-day moving average of $33.90 and a 200-day moving average of $34.60.

TowneBank (NASDAQ:TOWN - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.07. The company had revenue of $190.04 million during the quarter, compared to analysts' expectations of $191.29 million. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. Equities analysts predict that TowneBank will post 2.6 EPS for the current year.

TowneBank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Monday, March 31st were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date was Monday, March 31st. TowneBank's dividend payout ratio is presently 42.37%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TOWN. Hovde Group upgraded shares of TowneBank from a "market perform" rating to an "outperform" rating and decreased their price objective for the company from $39.00 to $38.00 in a report on Friday, April 4th. Stephens restated an "equal weight" rating and set a $41.00 price objective on shares of TowneBank in a 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.