Raymond James Financial Inc. Makes New $14.12 Million Investment in TowneBank (NASDAQ:TOWN)

Raymond James Financial Inc. acquired a new position in shares of TowneBank (NASDAQ:TOWN - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 414,636 shares of the bank's stock, valued at approximately $14,122,000. Raymond James Financial Inc. owned approximately 0.55% of TowneBank at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Wellington Management Group LLP bought a new stake in shares of TowneBank during the 4th quarter valued at about $22,894,000. Lightrock Netherlands B.V. acquired a new position in TowneBank in the fourth quarter valued at approximately $6,746,000. Norges Bank bought a new position in shares of TowneBank during the fourth quarter valued at approximately $6,385,000. Victory Capital Management Inc. raised its position in shares of TowneBank by 9.1% during 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 during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of TowneBank by 19.6% in the 4th quarter. Bank of New York Mellon Corp now owns 537,845 shares of the bank's stock worth $18,319,000 after purchasing an additional 88,277 shares during the last quarter. 55.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

TowneBank Price Performance

TOWN traded up $0.43 on Thursday, reaching $33.01. 255,635 shares of the company traded hands, compared to its average volume of 259,220. TowneBank has a 52-week low of $25.70 and a 52-week high of $38.28. The company has a market cap of $2.48 billion, a price-to-earnings ratio of 15.35 and a beta of 0.79. The stock's 50 day moving average price is $33.90 and its 200-day moving average price is $34.60.

TowneBank (NASDAQ:TOWN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. The business had revenue of $190.04 million for the quarter, compared to the consensus estimate of $191.29 million. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. As a group, equities research analysts forecast that TowneBank will post 2.6 earnings per share for the current fiscal 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 paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend was Monday, March 31st. TowneBank's dividend payout ratio (DPR) is presently 42.37%.

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.