Legal & General Group Plc raised its stake in TowneBank (NASDAQ:TOWN) by 27.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,960 shares of the bank’s stock after purchasing an additional 9,124 shares during the period. Legal & General Group Plc owned 0.06% of TowneBank worth $777,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in the business. Credit Suisse AG boosted its holdings in shares of TowneBank by 17.8% in the fourth quarter. Credit Suisse AG now owns 71,949 shares of the bank’s stock valued at $2,001,000 after acquiring an additional 10,868 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of TowneBank by 5.4% in the first quarter. Alliancebernstein L.P. now owns 102,539 shares of the bank’s stock valued at $1,855,000 after acquiring an additional 5,267 shares during the period. Nuveen Asset Management LLC boosted its holdings in shares of TowneBank by 18.9% in the fourth quarter. Nuveen Asset Management LLC now owns 352,818 shares of the bank’s stock valued at $9,815,000 after acquiring an additional 56,125 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of TowneBank by 38.5% in the fourth quarter. Victory Capital Management Inc. now owns 21,967 shares of the bank’s stock valued at $611,000 after acquiring an additional 6,112 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of TowneBank by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 890,885 shares of the bank’s stock valued at $24,784,000 after acquiring an additional 31,938 shares during the period. Institutional investors own 47.53% of the company’s stock.
Several equities research analysts recently weighed in on TOWN shares. BidaskClub raised TowneBank from a “strong sell” rating to a “sell” rating in a report on Saturday, June 6th. Zacks Investment Research reaffirmed a “sell” rating on shares of TowneBank in a report on Saturday, May 2nd. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The stock presently has an average rating of “Hold” and an average price target of $29.00.
TowneBank stock opened at $18.84 on Wednesday. TowneBank has a one year low of $15.03 and a one year high of $29.02. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.99 and a current ratio of 1.03. The business has a fifty day moving average of $18.43 and a two-hundred day moving average of $22.44. The company has a market cap of $1.29 billion, a P/E ratio of 10.18 and a beta of 1.16.
TowneBank (NASDAQ:TOWN) last released its earnings results on Monday, April 27th. The bank reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. TowneBank had a return on equity of 8.19% and a net margin of 19.80%. The company had revenue of $137.70 million during the quarter, compared to the consensus estimate of $138.05 million. Sell-side analysts predict that TowneBank will post 1.3 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date is Monday, June 29th. TowneBank’s dividend payout ratio (DPR) is currently 37.31%.
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, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.
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