Redmond Asset Management LLC Purchases New Holdings in TowneBank (NASDAQ:TOWN)

Redmond Asset Management LLC acquired a new stake in TowneBank (NASDAQ:TOWN - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,607 shares of the bank's stock, valued at approximately $463,000.

A number of other large investors have also made changes to their positions in the stock. Blue Trust Inc. grew its stake in TowneBank by 258.5% in the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock worth $47,000 after acquiring an additional 1,034 shares during the period. Lightrock Netherlands B.V. purchased a new stake in shares of TowneBank in the fourth quarter valued at $6,746,000. 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 valued at $1,033,000 after purchasing an additional 383 shares during the last quarter. PBMares Wealth Management LLC lifted its position in TowneBank by 9.6% during the fourth quarter. PBMares Wealth Management LLC now owns 24,203 shares of the bank's stock worth $824,000 after buying an additional 2,124 shares during the period. Finally, KBC Group NV boosted its stake in TowneBank by 28.2% in the 4th quarter. KBC Group NV now owns 3,858 shares of the bank's stock worth $131,000 after buying an additional 848 shares during the last quarter. Institutional investors and hedge funds own 55.99% of the company's stock.

Wall Street Analyst Weigh In

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

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TowneBank Price Performance

NASDAQ TOWN traded up $0.26 during mid-day trading on Wednesday, hitting $36.01. The company's stock had a trading volume of 273,016 shares, compared to its average volume of 217,722. The firm has a market capitalization of $2.70 billion, a P/E ratio of 16.75 and a beta of 0.93. TowneBank has a 52-week low of $25.70 and a 52-week high of $38.28. The stock's fifty day simple moving average is $35.10 and its two-hundred day simple moving average is $34.59.

TowneBank (NASDAQ:TOWN - Get Free Report) last issued its 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 net margin of 15.77% and a return on equity of 7.77%. On average, equities analysts forecast that TowneBank will post 2.6 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.78%. TowneBank's dividend payout ratio (DPR) 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.