TowneBank (NASDAQ:TOWN) Shares Bought by Steward Partners Investment Advisory LLC

Steward Partners Investment Advisory LLC boosted its position in TowneBank (NASDAQ:TOWN - Free Report) by 775.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 67,458 shares of the bank's stock after purchasing an additional 59,750 shares during the quarter. Steward Partners Investment Advisory LLC owned approximately 0.09% of TowneBank worth $2,298,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its holdings in TowneBank by 16.1% in the third quarter. JPMorgan Chase & Co. now owns 361,960 shares of the bank's stock worth $11,966,000 after purchasing an additional 50,149 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of TowneBank by 1.1% during the third 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 last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of TowneBank by 0.9% during the third 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 last quarter. Jane Street Group LLC grew its stake in shares of TowneBank by 10.5% during the third quarter. Jane Street Group LLC now owns 74,965 shares of the bank's stock worth $2,478,000 after acquiring an additional 7,137 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new stake in shares of TowneBank during the third quarter worth about $322,000. 55.99% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

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

TowneBank Trading Down 0.2 %

Shares of TOWN stock traded down $0.08 during trading hours on Friday, reaching $34.84. 197,530 shares of the company's stock were exchanged, compared to its average volume of 242,503. The stock's fifty day moving average price is $35.33 and its two-hundred day moving average price is $34.78. The stock has a market cap of $2.61 billion, a PE ratio of 16.20 and a beta of 0.88. TowneBank has a 1 year low of $25.70 and a 1 year high of $38.28.

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 return on equity of 7.77% and a net margin of 15.77%. On average, equities analysts expect that TowneBank will post 2.6 EPS for the current fiscal year.

TowneBank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Monday, March 31st will be given a $0.25 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a yield of 2.87%. TowneBank's dividend payout ratio is currently 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.