Martingale Asset Management L P Has $3.51 Million Stock Position in TowneBank (NASDAQ:TOWN)

Martingale Asset Management L P raised its position in TowneBank (NASDAQ:TOWN - Free Report) by 376.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 102,955 shares of the bank's stock after buying an additional 81,350 shares during the period. Martingale Asset Management L P owned about 0.14% of TowneBank worth $3,507,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Picton Mahoney Asset Management acquired a new stake in TowneBank during the 4th quarter worth approximately $28,000. Salem Investment Counselors Inc. acquired a new stake in shares of TowneBank in the 4th quarter valued at approximately $34,000. Blue Trust Inc. grew its position in shares of TowneBank by 258.5% in the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock valued at $47,000 after acquiring an additional 1,034 shares during the period. Federated Hermes Inc. acquired a new position in shares of TowneBank during the 4th quarter worth about $82,000. Finally, KBC Group NV raised its holdings in shares of TowneBank by 28.2% in the 4th quarter. KBC Group NV now owns 3,858 shares of the bank's stock valued at $131,000 after purchasing an additional 848 shares during the period. Institutional investors and hedge funds own 55.99% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on TOWN shares. Stephens restated an "equal weight" rating and issued a $41.00 price objective on shares of TowneBank in a research note on Thursday, January 23rd. Hovde Group upgraded shares of TowneBank from a "market perform" rating to an "outperform" rating and cut their price objective for the stock from $39.00 to $38.00 in a research report on Friday, April 4th.

TowneBank Stock Performance

Shares of NASDAQ:TOWN traded up $0.49 during midday trading on Tuesday, hitting $31.56. 42,964 shares of the stock were exchanged, compared to its average volume of 257,883. The business's 50-day moving average price is $34.62 and its 200 day moving average price is $34.67. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of 14.68 and a beta of 0.79. TowneBank has a 12 month low of $25.70 and a 12 month high of $38.28.

TowneBank (NASDAQ:TOWN - Get Free Report) last released its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, beating analysts' consensus estimates of $0.48 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. As a group, sell-side analysts expect that TowneBank will post 2.6 EPS for the current year.

TowneBank Announces Dividend

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

TowneBank Company 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.