Picton Mahoney Asset Management Invests $28,000 in TowneBank (NASDAQ:TOWN)

Picton Mahoney Asset Management acquired a new position in TowneBank (NASDAQ:TOWN) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 826 shares of the bank’s stock, valued at approximately $28,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Salem Investment Counselors Inc. bought a new position in shares of TowneBank in the fourth quarter valued at approximately $34,000. Blue Trust Inc. grew its holdings in shares of TowneBank by 258.5% in the fourth quarter. Blue Trust Inc. now owns 1,434 shares of the bank’s stock valued at $47,000 after acquiring an additional 1,034 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of TowneBank in the third quarter valued at approximately $73,000. KBC Group NV bought a new position in shares of TowneBank in the third quarter valued at approximately $100,000. Finally, FMR LLC grew its holdings in shares of TowneBank by 137.8% in the third quarter. FMR LLC now owns 4,882 shares of the bank’s stock valued at $161,000 after acquiring an additional 2,829 shares in the last quarter. 55.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

TowneBank Trading Up 0.8 %

Shares of NASDAQ TOWN opened at $34.81 on Tuesday. The stock has a fifty day simple moving average of $35.36 and a two-hundred day simple moving average of $34.80. TowneBank has a 1-year low of $25.70 and a 1-year high of $38.28. The firm has a market cap of $2.61 billion, a price-to-earnings ratio of 16.19 and a beta of 0.88.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. Analysts forecast that TowneBank will post 2.6 EPS for the current year.

TowneBank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend 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.