The Manufacturers Life Insurance Company Purchases 1,263 Shares of TowneBank (NASDAQ:TOWN)

The Manufacturers Life Insurance Company lifted its position in TowneBank (NASDAQ:TOWN) by 3.1% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 41,390 shares of the bank’s stock after buying an additional 1,263 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in TowneBank were worth $1,129,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Dimensional Fund Advisors LP lifted its holdings in TowneBank by 2.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,269,588 shares of the bank’s stock worth $116,431,000 after purchasing an additional 119,459 shares during the last quarter. American Century Companies Inc. lifted its holdings in TowneBank by 0.3% in the 2nd quarter. American Century Companies Inc. now owns 784,909 shares of the bank’s stock worth $21,404,000 after purchasing an additional 2,676 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in TowneBank by 1.3% in the 2nd quarter. Renaissance Technologies LLC now owns 638,241 shares of the bank’s stock worth $17,405,000 after purchasing an additional 8,100 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in TowneBank by 4.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 504,926 shares of the bank’s stock worth $13,769,000 after purchasing an additional 21,143 shares during the last quarter. Finally, Empowered Funds LLC lifted its holdings in shares of TowneBank by 8.2% during the first quarter. Empowered Funds LLC now owns 196,880 shares of the bank’s stock worth $5,524,000 after buying an additional 14,875 shares during the last quarter. Institutional investors own 55.99% of the company’s stock.

TowneBank Trading Up 3.4 %

Shares of NASDAQ TOWN opened at $34.15 on Friday. The business has a fifty day simple moving average of $33.12 and a 200 day simple moving average of $29.70. The firm has a market capitalization of $2.56 billion, a price-to-earnings ratio of 16.91 and a beta of 0.89. TowneBank has a one year low of $21.63 and a one year high of $35.10.

TowneBank (NASDAQ:TOWN) last issued its earnings results on Wednesday, July 24th. The bank reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09. The business had revenue of $174.97 million during the quarter, compared to analyst estimates of $172.20 million. TowneBank had a return on equity of 7.56% and a net margin of 15.33%. TowneBank’s revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 earnings per share. On average, research analysts anticipate that TowneBank will post 2.12 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.93%. TowneBank’s payout ratio is 49.51%.

Wall Street Analysts Forecast Growth

TOWN has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods upgraded TowneBank from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $35.00 to $40.00 in a report on Wednesday, October 2nd. StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a report on Monday, July 29th.

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.