Lightrock Netherlands B.V. Takes Position in TowneBank (NASDAQ:TOWN)

Lightrock Netherlands B.V. bought a new position in shares of TowneBank (NASDAQ:TOWN - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 197,096 shares of the bank's stock, valued at approximately $6,746,000. TowneBank accounts for 2.4% of Lightrock Netherlands B.V.'s portfolio, making the stock its 21st largest position. Lightrock Netherlands B.V. owned about 0.26% of TowneBank at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Victory Capital Management Inc. grew its holdings in shares of TowneBank by 7,668.0% during the 3rd quarter. Victory Capital Management Inc. now owns 1,974,871 shares of the bank's stock worth $65,289,000 after acquiring an additional 1,949,448 shares during the period. Geode Capital Management LLC grew its holdings in shares of TowneBank by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,685,643 shares of the bank's stock worth $55,738,000 after acquiring an additional 18,929 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of TowneBank by 0.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 839,050 shares of the bank's stock worth $27,739,000 after acquiring an additional 7,738 shares during the period. JPMorgan Chase & Co. grew its stake in shares of TowneBank by 16.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 361,960 shares of the bank's stock worth $11,966,000 after buying an additional 50,149 shares during the last quarter. Finally, Empowered Funds LLC grew its stake in shares of TowneBank by 6.2% in the 3rd quarter. Empowered Funds LLC now owns 225,242 shares of the bank's stock worth $7,446,000 after buying an additional 13,062 shares during the last quarter. Hedge funds and other institutional investors own 55.99% of the company's stock.

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Analysts Set New Price Targets

Separately, Stephens restated an "equal weight" rating and issued a $41.00 price target on shares of TowneBank in a research note on Thursday, January 23rd.

TowneBank Stock Performance

Shares of TowneBank stock traded down $0.09 during midday trading on Friday, hitting $36.84. The company had a trading volume of 189,114 shares, compared to its average volume of 207,573. The stock has a market capitalization of $2.76 billion, a P/E ratio of 17.13 and a beta of 0.93. The company has a 50 day moving average of $35.09 and a 200 day moving average of $34.32. 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 quarterly earnings results on Wednesday, January 22nd. The bank reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. Equities research analysts forecast 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 Tuesday, January 14th. Investors of record on Tuesday, December 31st were given a $0.25 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 2.71%. TowneBank's dividend payout ratio (DPR) is presently 46.51%.

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.