Geode Capital Management LLC lifted its holdings in TowneBank (NASDAQ:TOWN) by 9.0% in the 4th quarter, HoldingsChannel reports. The fund owned 790,500 shares of the bank’s stock after buying an additional 65,244 shares during the period. Geode Capital Management LLC’s holdings in TowneBank were worth $18,932,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of TOWN. Norges Bank bought a new position in shares of TowneBank in the 4th quarter worth about $11,789,000. BlackRock Inc. raised its position in shares of TowneBank by 5.3% in the 4th quarter. BlackRock Inc. now owns 4,830,176 shares of the bank’s stock worth $115,682,000 after acquiring an additional 242,959 shares in the last quarter. Dimensional Fund Advisors LP increased its position in TowneBank by 5.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,508,169 shares of the bank’s stock valued at $60,072,000 after buying an additional 133,809 shares in the last quarter. Thrivent Financial for Lutherans bought a new stake in TowneBank in the 4th quarter valued at about $1,198,000. Finally, Rhumbline Advisers increased its position in TowneBank by 37.5% in the 4th quarter. Rhumbline Advisers now owns 97,939 shares of the bank’s stock valued at $2,346,000 after buying an additional 26,709 shares in the last quarter. 45.94% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages recently commented on TOWN. Zacks Investment Research raised TowneBank from a “sell” rating to a “hold” rating in a research report on Saturday, May 11th. BidaskClub raised TowneBank from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 13th. Finally, ValuEngine lowered TowneBank from a “hold” rating to a “sell” rating in a research report on Wednesday, March 6th. Five equities research analysts have rated the stock with a hold rating, TowneBank currently has an average rating of “Hold” and a consensus target price of $34.00.
TowneBank (NASDAQ:TOWN) last issued its earnings results on Thursday, April 25th. The bank reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.05). TowneBank had a net margin of 22.24% and a return on equity of 9.31%. The firm had revenue of $133.85 million during the quarter, compared to the consensus estimate of $138.13 million. Analysts expect that TowneBank will post 1.94 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 10th. Investors of record on Friday, June 28th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.71%. This is a positive change from TowneBank’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Thursday, June 27th. TowneBank’s payout ratio is presently 32.32%.
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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