Harbor Capital Advisors Inc. Increases Holdings in TowneBank (NASDAQ:TOWN)

Harbor Capital Advisors Inc. grew its holdings in shares of TowneBank (NASDAQ:TOWN) by 1.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 20,073 shares of the bank’s stock after purchasing an additional 383 shares during the period. Harbor Capital Advisors Inc.’s holdings in TowneBank were worth $684,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of TowneBank during the third quarter worth about $73,000. Point72 DIFC Ltd acquired a new position in TowneBank during the 2nd quarter worth approximately $73,000. KBC Group NV acquired a new position in TowneBank during the 3rd quarter worth approximately $100,000. FMR LLC increased its position in TowneBank by 137.8% during the 3rd quarter. FMR LLC now owns 4,882 shares of the bank’s stock worth $161,000 after purchasing an additional 2,829 shares during the period. Finally, Signature Estate & Investment Advisors LLC acquired a new position in TowneBank during the 3rd quarter worth approximately $222,000. 55.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised TowneBank from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $35.00 to $40.00 in a research note on Wednesday, October 2nd.

TowneBank Price Performance

NASDAQ:TOWN opened at $32.30 on Tuesday. The business’s 50-day moving average is $35.23 and its two-hundred day moving average is $33.36. TowneBank has a 12 month low of $25.70 and a 12 month high of $38.28. The firm has a market capitalization of $2.42 billion, a PE ratio of 16.23 and a beta of 0.93.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. The business had revenue of $258.86 million during the quarter, compared to the consensus estimate of $179.80 million. TowneBank had a return on equity of 7.32% and a net margin of 14.89%. During the same period last year, the firm earned $0.60 earnings per share. Equities analysts anticipate that TowneBank will post 2.07 EPS for the current year.

TowneBank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 3.10%. TowneBank’s payout ratio is currently 50.25%.

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.