KLP Kapitalforvaltning AS Acquires Shares of 15,100 TowneBank (NASDAQ:TOWN)

KLP Kapitalforvaltning AS purchased a new position in shares of TowneBank (NASDAQ:TOWN - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 15,100 shares of the bank's stock, valued at approximately $518,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Quantbot Technologies LP acquired a new stake in TowneBank during the fourth quarter worth approximately $302,000. Teacher Retirement System of Texas boosted its holdings in shares of TowneBank by 31.5% during the fourth quarter. Teacher Retirement System of Texas now owns 34,790 shares of the bank's stock worth $1,185,000 after purchasing an additional 8,335 shares during the last quarter. Cibc World Markets Corp purchased a new stake in shares of TowneBank in the fourth quarter valued at $224,000. Royce & Associates LP increased its stake in TowneBank by 10.8% in the fourth quarter. Royce & Associates LP now owns 538,053 shares of the bank's stock valued at $18,326,000 after purchasing an additional 52,236 shares during the last quarter. Finally, Picton Mahoney Asset Management acquired a new position in TowneBank in the fourth quarter valued at $28,000. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

TowneBank Price Performance

TOWN stock traded down $0.11 during trading on Tuesday, reaching $30.40. 421,686 shares of the stock traded hands, compared to its average volume of 256,449. The business's 50 day moving average price is $35.11 and its 200-day moving average price is $34.74. The firm has a market capitalization of $2.28 billion, a PE ratio of 14.14 and a beta of 0.79. TowneBank has a 52-week low of $25.70 and a 52-week high of $38.28.

TowneBank (NASDAQ:TOWN - Get Free Report) last posted its earnings results on Wednesday, January 22nd. The bank reported $0.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.48 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. On average, equities research analysts predict that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Monday, March 31st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a yield of 3.29%. TowneBank's dividend payout ratio (DPR) is 46.51%.

Analyst Ratings Changes

Several research firms have commented on TOWN. Stephens restated an "equal weight" rating and issued a $41.00 price target on shares of TowneBank in a report on Thursday, January 23rd. Hovde Group upgraded shares of TowneBank from a "market perform" rating to an "outperform" rating and lowered their target price for the company from $39.00 to $38.00 in a report on Friday.

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.