Vanguard Group Inc. grew its holdings in TowneBank (NASDAQ:TOWN – Free Report) by 0.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 7,416,407 shares of the bank’s stock after buying an additional 7,314 shares during the quarter. Vanguard Group Inc. owned approximately 0.10% of TowneBank worth $220,712,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently modified their holdings of TOWN. Rhumbline Advisers raised its holdings in TowneBank by 0.9% during the 3rd quarter. Rhumbline Advisers now owns 136,496 shares of the bank’s stock valued at $3,130,000 after acquiring an additional 1,182 shares during the period. Mariner LLC bought a new stake in shares of TowneBank during the 3rd quarter valued at $905,000. Endeavour Capital Advisors Inc. purchased a new stake in TowneBank during the 3rd quarter worth about $382,000. Anchor Investment Management LLC bought a new position in TowneBank in the 4th quarter worth about $357,000. Finally, Sound Income Strategies LLC purchased a new position in TowneBank during the 4th quarter valued at about $79,000. 55.99% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Separately, StockNews.com raised shares of TowneBank from a “sell” rating to a “hold” rating in a report on Monday, June 24th.
TowneBank Stock Performance
TowneBank stock opened at $27.01 on Tuesday. TowneBank has a fifty-two week low of $21.63 and a fifty-two week high of $31.08. The stock has a market cap of $2.03 billion, a P/E ratio of 13.44 and a beta of 0.91. The firm’s fifty day moving average price is $26.94 and its 200-day moving average price is $27.58.
TowneBank (NASDAQ:TOWN – Get Free Report) last posted its earnings results on Wednesday, April 24th. The bank reported $0.48 EPS for the quarter, hitting the consensus estimate of $0.48. TowneBank had a return on equity of 7.45% and a net margin of 15.50%. The business had revenue of $167.10 million during the quarter, compared to analysts’ expectations of $169.68 million. During the same period in the previous year, the business earned $0.62 earnings per share. The firm’s revenue was down 9.2% on a year-over-year basis. Sell-side analysts predict that TowneBank will post 2.07 earnings per share for the current year.
TowneBank Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date of this dividend is Friday, June 28th. TowneBank’s dividend payout ratio is currently 49.75%.
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.
See Also
- Five stocks we like better than TowneBank
- 3 Ways To Invest In Coffee, Other Than Drinking It
- These Top 3 Banks Raise Dividends After Passing Fed Stress Test
- What is the Hang Seng index?
- Hitch a Ride with Lyft Stock for Double-Digit Gains in 2nd Half
- What is the Australian Securities Exchange (ASX)
- Eli Lilly Stock Up: GLP-1 Zepbound Targets Sleep Apnea Market
Want to see what other hedge funds are holding TOWN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TowneBank (NASDAQ:TOWN – Free Report).
Receive News & Ratings for TowneBank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TowneBank and related companies with MarketBeat.com's FREE daily email newsletter.
