Chartwell Investment Partners LLC lowered its position in TowneBank (NASDAQ:TOWN) by 2.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 457,306 shares of the bank’s stock after selling 10,630 shares during the quarter. Chartwell Investment Partners LLC’s holdings in TowneBank were worth $10,952,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc lifted its stake in TowneBank by 2.7% in the third quarter. Vanguard Group Inc now owns 5,624,397 shares of the bank’s stock worth $173,513,000 after acquiring an additional 149,181 shares during the last quarter. Vanguard Group Inc. lifted its stake in TowneBank by 2.7% in the third quarter. Vanguard Group Inc. now owns 5,624,397 shares of the bank’s stock worth $173,513,000 after acquiring an additional 149,181 shares during the last quarter. BlackRock Inc. lifted its stake in TowneBank by 3.7% in the third quarter. BlackRock Inc. now owns 4,587,217 shares of the bank’s stock worth $141,515,000 after acquiring an additional 164,172 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in TowneBank by 1.5% in the third quarter. Dimensional Fund Advisors LP now owns 2,374,360 shares of the bank’s stock worth $73,248,000 after acquiring an additional 34,911 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of TowneBank by 63.4% during the 2nd quarter. Northern Trust Corp now owns 1,236,785 shares of the bank’s stock worth $39,700,000 after buying an additional 479,948 shares during the last quarter. Institutional investors own 44.44% of the company’s stock.
Several analysts have recently weighed in on TOWN shares. BidaskClub upgraded shares of TowneBank from a “strong sell” rating to a “sell” rating in a research report on Tuesday, October 9th. Brean Capital restated a “hold” rating on shares of TowneBank in a research report on Monday, October 22nd. Raymond James reduced their price objective on shares of TowneBank from $35.00 to $31.00 and set a “buy” rating for the company in a research report on Friday, October 26th. Finally, Zacks Investment Research downgraded shares of TowneBank from a “hold” rating to a “sell” rating in a research report on Tuesday, October 30th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. The stock has an average rating of “Hold” and an average price target of $33.50.
Shares of TowneBank stock opened at $26.37 on Wednesday. The firm has a market capitalization of $1.92 billion, a PE ratio of 13.32 and a beta of 1.10. TowneBank has a 12 month low of $22.88 and a 12 month high of $33.85.
TowneBank (NASDAQ:TOWN) last announced its earnings results on Thursday, January 24th. The bank reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.03). The business had revenue of $131.42 million during the quarter, compared to analyst estimates of $141.34 million. TowneBank had a net margin of 21.81% and a return on equity of 9.76%. Analysts predict that TowneBank will post 2.15 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, January 11th. Stockholders of record on Friday, December 28th were issued a $0.16 dividend. The ex-dividend date was Thursday, December 27th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.43%. TowneBank’s payout ratio is 32.32%.
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TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.
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