Norges Bank Makes New Investment in TowneBank (NASDAQ:TOWN)

Norges Bank bought a new stake in shares of TowneBank (NASDAQ:TOWN - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 187,474 shares of the bank's stock, valued at approximately $6,385,000. Norges Bank owned about 0.25% of TowneBank as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of TOWN. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of TowneBank by 2.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 17,067 shares of the bank's stock valued at $581,000 after buying an additional 365 shares during the period. Harbor Capital Advisors Inc. grew its position in TowneBank by 1.9% in the 4th quarter. Harbor Capital Advisors Inc. now owns 20,073 shares of the bank's stock valued at $684,000 after acquiring an additional 383 shares during the last quarter. Choreo LLC increased its stake in TowneBank by 1.3% in the fourth quarter. Choreo LLC now owns 30,112 shares of the bank's stock worth $1,033,000 after purchasing an additional 383 shares during the period. Picton Mahoney Asset Management bought a new stake in shares of TowneBank during the fourth quarter worth $28,000. Finally, KBC Group NV boosted its stake in shares of TowneBank by 28.2% during the fourth 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. Hedge funds and other institutional investors own 55.99% of the company's stock.

TowneBank Trading Up 0.7 %

TOWN traded up $0.22 during midday trading on Monday, hitting $30.86. 6,326 shares of the company traded hands, compared to its average volume of 257,762. The business has a 50 day simple moving average of $34.74 and a two-hundred day simple moving average of $34.68. TowneBank has a 52-week low of $25.70 and a 52-week high of $38.28. The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of 14.32 and a beta of 0.79.

TowneBank (NASDAQ:TOWN - Get Free Report) last issued its quarterly earnings data 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 anticipate that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date was Monday, March 31st. TowneBank's payout ratio is currently 46.51%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on TOWN shares. Stephens reissued 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 TowneBank from a "market perform" rating to an "outperform" rating and cut their price target for the company from $39.00 to $38.00 in a research note on Friday, April 4th.

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.