JPMorgan Chase & Co. Grows Stock Position in TowneBank (NASDAQ:TOWN)

JPMorgan Chase & Co. boosted its stake in shares of TowneBank (NASDAQ:TOWN) by 16.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 361,960 shares of the bank’s stock after acquiring an additional 50,149 shares during the quarter. JPMorgan Chase & Co.’s holdings in TowneBank were worth $11,966,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Geode Capital Management LLC lifted its stake in shares of TowneBank by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,685,643 shares of the bank’s stock valued at $55,738,000 after purchasing an additional 18,929 shares during the period. Barclays PLC raised its position in shares of TowneBank by 90.8% in the third quarter. Barclays PLC now owns 143,914 shares of the bank’s stock worth $4,758,000 after acquiring an additional 68,479 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of TowneBank during the 3rd quarter worth about $357,000. Jane Street Group LLC grew its position in shares of TowneBank by 10.5% during the 3rd quarter. Jane Street Group LLC now owns 74,965 shares of the bank’s stock valued at $2,478,000 after acquiring an additional 7,137 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC increased its stake in shares of TowneBank by 1.1% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 101,330 shares of the bank’s stock valued at $3,350,000 after purchasing an additional 1,100 shares in the last quarter. 55.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

TowneBank Stock Down 3.1 %

TOWN opened at $32.13 on Monday. The company has a market cap of $2.41 billion, a price-to-earnings ratio of 16.15 and a beta of 0.93. The firm’s fifty day simple moving average is $35.23 and its two-hundred day simple moving average is $33.36. TowneBank has a 52-week low of $25.70 and a 52-week high of $38.28.

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

TowneBank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend is Tuesday, December 31st. TowneBank’s dividend payout ratio is currently 50.25%.

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.