BlackRock Inc. increased its position in shares of TowneBank (NASDAQ:TOWN) by 3.3% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 3,732,771 shares of the bank’s stock after buying an additional 117,629 shares during the quarter. BlackRock Inc. owned approximately 0.05% of TowneBank worth $114,782,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in TOWN. Verity Asset Management Inc. purchased a new stake in TowneBank during the third quarter worth $210,000. SG Americas Securities LLC boosted its holdings in TowneBank by 63.0% during the third quarter. SG Americas Securities LLC now owns 7,644 shares of the bank’s stock worth $256,000 after buying an additional 2,954 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in TowneBank during the fourth quarter worth $629,000. Allianz Asset Management GmbH boosted its holdings in TowneBank by 10.0% during the third quarter. Allianz Asset Management GmbH now owns 26,081 shares of the bank’s stock worth $874,000 after buying an additional 2,362 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in TowneBank by 56.1% during the third quarter. Legal & General Group Plc now owns 29,817 shares of the bank’s stock worth $1,000,000 after buying an additional 10,716 shares in the last quarter. 38.72% of the stock is currently owned by hedge funds and other institutional investors.
TowneBank (NASDAQ:TOWN) opened at $28.10 on Monday. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.47. The stock has a market cap of $2,024.89, a price-to-earnings ratio of 19.93 and a beta of 1.02. TowneBank has a twelve month low of $28.10 and a twelve month high of $35.30.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 10th. Shareholders of record on Thursday, March 29th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.99%. The ex-dividend date is Wednesday, March 28th. TowneBank’s payout ratio is 39.72%.
TOWN has been the topic of a number of recent analyst reports. Zacks Investment Research raised shares of TowneBank from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a report on Wednesday, January 31st. Brean Capital reissued a “hold” rating on shares of TowneBank in a report on Tuesday, January 2nd. Keefe, Bruyette & Woods reissued a “hold” rating and set a $35.00 price target on shares of TowneBank in a report on Friday, December 22nd. BidaskClub downgraded shares of TowneBank from a “buy” rating to a “hold” rating in a report on Tuesday, December 12th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $35.00 price objective on shares of TowneBank in a report on Tuesday, January 9th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $34.25.
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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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