Charles Schwab Investment Management Inc. Boosts Stock Holdings in TowneBank (NASDAQ:TOWN)

Charles Schwab Investment Management Inc. boosted its stake in shares of TowneBank (NASDAQ:TOWN) by 0.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 845,335 shares of the bank’s stock after purchasing an additional 6,285 shares during the period. Charles Schwab Investment Management Inc.’s holdings in TowneBank were worth $28,792,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of TOWN. Lightrock Netherlands B.V. purchased a new position in TowneBank during the fourth quarter worth approximately $6,746,000. Bank of New York Mellon Corp raised its stake in shares of TowneBank by 19.6% in the 4th quarter. Bank of New York Mellon Corp now owns 537,845 shares of the bank’s stock valued at $18,319,000 after acquiring an additional 88,277 shares during the period. De Lisle Partners LLP raised its stake in shares of TowneBank by 192.3% in the 3rd quarter. De Lisle Partners LLP now owns 116,625 shares of the bank’s stock valued at $3,856,000 after acquiring an additional 76,731 shares during the period. Barclays PLC raised its stake in shares of TowneBank by 90.8% in the 3rd quarter. Barclays PLC now owns 143,914 shares of the bank’s stock valued at $4,758,000 after acquiring an additional 68,479 shares during the period. Finally, Steward Partners Investment Advisory LLC raised its stake in shares of TowneBank by 775.2% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 67,458 shares of the bank’s stock valued at $2,298,000 after acquiring an additional 59,750 shares during the period. Hedge funds and other institutional investors own 55.99% of the company’s stock.

Analysts Set New Price Targets

Separately, Stephens reissued an “equal weight” rating and issued a $41.00 target price on shares of TowneBank in a research note on Thursday, January 23rd.

TowneBank Price Performance

TowneBank stock opened at $34.81 on Tuesday. TowneBank has a 12-month low of $25.70 and a 12-month high of $38.28. The company has a market capitalization of $2.61 billion, a price-to-earnings ratio of 16.19 and a beta of 0.88. The firm’s fifty day moving average price is $35.36 and its 200 day moving average price is $34.80.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.55 earnings per share (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%. Analysts forecast that TowneBank will post 2.6 earnings per share for the current fiscal year.

TowneBank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Monday, March 31st will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.87%. The ex-dividend date is Monday, March 31st. TowneBank’s dividend payout ratio (DPR) is 46.51%.

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.