JPMorgan Chase & Co. Has $11.97 Million Stock Position in TowneBank (NASDAQ:TOWN)

JPMorgan Chase & Co. lifted its holdings in shares of TowneBank (NASDAQ:TOWN - Free Report) by 16.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 361,960 shares of the bank's stock after purchasing an additional 50,149 shares during the period. JPMorgan Chase & Co. owned 0.48% of TowneBank worth $11,966,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its holdings in TowneBank by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 4,269,588 shares of the bank's stock valued at $116,431,000 after acquiring an additional 119,459 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of TowneBank by 7,668.0% during the third quarter. Victory Capital Management Inc. now owns 1,974,871 shares of the bank's stock worth $65,289,000 after purchasing an additional 1,949,448 shares during the period. Geode Capital Management LLC raised its position in shares of TowneBank by 1.1% during the third quarter. Geode Capital Management LLC now owns 1,685,643 shares of the bank's stock worth $55,738,000 after purchasing an additional 18,929 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of TowneBank by 0.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 839,050 shares of the bank's stock worth $27,739,000 after purchasing an additional 7,738 shares during the period. Finally, American Century Companies Inc. raised its position in shares of TowneBank by 0.3% during the second quarter. American Century Companies Inc. now owns 784,909 shares of the bank's stock worth $21,404,000 after purchasing an additional 2,676 shares during the period. Institutional investors own 55.99% of the company's stock.

Wall Street Analysts Forecast Growth

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

TowneBank Stock Performance

TowneBank stock traded up $0.17 during midday trading on Monday, reaching $32.30. The stock had a trading volume of 186,096 shares, compared to its average volume of 243,299. The firm's fifty day simple moving average is $35.23 and its 200-day simple moving average is $33.36. TowneBank has a 1-year low of $25.70 and a 1-year high of $38.28. The stock has a market capitalization of $2.42 billion, a P/E ratio of 16.23 and a beta of 0.93.

TowneBank (NASDAQ:TOWN - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.02. TowneBank had a return on equity of 7.32% and a net margin of 14.89%. The business had revenue of $258.86 million for the quarter, compared to analyst estimates of $179.80 million. During the same quarter last year, the firm earned $0.60 EPS. On average, sell-side analysts anticipate that TowneBank will post 2.07 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date of this dividend is Tuesday, December 31st. TowneBank's dividend payout ratio is presently 50.25%.

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.