TowneBank (NASDAQ:TOWN) Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. boosted its holdings in shares of TowneBank (NASDAQ:TOWN - Free Report) by 16.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 421,602 shares of the bank's stock after buying an additional 59,642 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.56% of TowneBank worth $14,360,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of TowneBank by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 7,482,171 shares of the bank's stock valued at $254,843,000 after purchasing an additional 49,970 shares during the period. Victory Capital Management Inc. lifted its holdings in TowneBank by 9.1% in the 4th quarter. Victory Capital Management Inc. now owns 2,155,201 shares of the bank's stock worth $73,406,000 after purchasing an additional 180,330 shares in the last quarter. Geode Capital Management LLC lifted its holdings in TowneBank by 1.1% in the 3rd 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 in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in TowneBank by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 845,335 shares of the bank's stock valued at $28,792,000 after buying an additional 6,285 shares in the last quarter. Finally, Royce & Associates LP increased its holdings in TowneBank by 10.8% in the 4th quarter. Royce & Associates LP now owns 538,053 shares of the bank's stock valued at $18,326,000 after acquiring an additional 52,236 shares during the last quarter. 55.99% of the stock is owned by hedge funds and other institutional investors.

TowneBank Price Performance

NASDAQ TOWN traded up $0.01 during trading on Thursday, reaching $31.50. 58,661 shares of the company's stock traded hands, compared to its average volume of 257,853. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of 14.67 and a beta of 0.79. The company's 50 day simple moving average is $34.40 and its two-hundred day simple moving average is $34.62. TowneBank has a 12-month low of $25.70 and a 12-month high of $38.28.

TowneBank (NASDAQ:TOWN - Get Free Report) last announced its earnings results on Wednesday, January 22nd. The bank reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. Research analysts expect that TowneBank will post 2.6 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Monday, March 31st were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.17%. The ex-dividend date was Monday, March 31st. TowneBank's dividend payout ratio (DPR) is currently 46.51%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Hovde Group upgraded shares of TowneBank from a "market perform" rating to an "outperform" rating and reduced their target price for the stock from $39.00 to $38.00 in a report on Friday, April 4th. Stephens reiterated an "equal weight" rating and issued a $41.00 target price on shares of TowneBank in a research note 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.