Tull Financial Group Inc. Makes New $299,000 Investment in TowneBank (NASDAQ:TOWN)

Tull Financial Group Inc. purchased a new stake in shares of TowneBank (NASDAQ:TOWN - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 8,786 shares of the bank's stock, valued at approximately $299,000. TowneBank comprises 0.2% of Tull Financial Group Inc.'s portfolio, making the stock its 21st largest position.

A number of other institutional investors and hedge funds have also made changes to their positions in TOWN. Harbor Capital Advisors Inc. lifted its stake in TowneBank by 1.9% during the 4th quarter. Harbor Capital Advisors Inc. now owns 20,073 shares of the bank's stock worth $684,000 after acquiring an additional 383 shares in the last quarter. Choreo LLC increased its stake in TowneBank by 1.3% during 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. Wealth Enhancement Advisory Services LLC lifted its position in shares of TowneBank by 6.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 9,753 shares of the bank's stock worth $322,000 after purchasing an additional 617 shares in the last quarter. First Western Trust Bank boosted its stake in shares of TowneBank by 4.3% in the third quarter. First Western Trust Bank now owns 18,123 shares of the bank's stock valued at $599,000 after purchasing an additional 745 shares during the period. Finally, AMG National Trust Bank grew its holdings in shares of TowneBank by 1.6% in the third quarter. AMG National Trust Bank now owns 50,929 shares of the bank's stock valued at $1,684,000 after purchasing an additional 822 shares in the last quarter. 55.99% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Wall Street Analysts Forecast Growth

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

TowneBank Stock Up 1.5 %

NASDAQ TOWN traded up $0.54 during trading hours on Friday, hitting $36.88. 284,785 shares of the company were exchanged, compared to its average volume of 218,977. The company has a 50 day moving average of $35.18 and a two-hundred day moving average of $34.61. The firm has a market cap of $2.77 billion, a price-to-earnings ratio of 17.15 and a beta of 0.93. TowneBank has a 52-week low of $25.70 and a 52-week high of $38.28.

TowneBank (NASDAQ:TOWN - Get Free Report) last posted its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, topping the consensus estimate 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 research analysts predict that TowneBank will post 2.6 EPS for the current year.

TowneBank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.71%. The ex-dividend date is Monday, March 31st. TowneBank's payout ratio is currently 46.51%.

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.