State of New Jersey Common Pension Fund D purchased a new position in TowneBank (NASDAQ:TOWN – Get Rating) in the fourth quarter, Holdings Channel reports. The fund purchased 72,026 shares of the bank’s stock, valued at approximately $2,221,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. CWM LLC lifted its position in shares of TowneBank by 285.7% in the fourth quarter. CWM LLC now owns 1,049 shares of the bank’s stock worth $32,000 after buying an additional 777 shares during the last quarter. Arbor Investment Advisors LLC bought a new position in shares of TowneBank in the fourth quarter worth about $539,000. Eudaimonia Partners LLC bought a new position in shares of TowneBank in the fourth quarter worth about $366,000. Sargent Bickham Lagudis LLC bought a new position in shares of TowneBank in the fourth quarter worth about $25,000. Finally, DAVENPORT & Co LLC increased its stake in shares of TowneBank by 3.9% in the fourth quarter. DAVENPORT & Co LLC now owns 500,989 shares of the bank’s stock worth $15,483,000 after purchasing an additional 18,935 shares during the period. Institutional investors and hedge funds own 52.75% of the company’s stock.
TowneBank Trading Down 1.1 %
Shares of TOWN opened at $23.37 on Thursday. TowneBank has a 12-month low of $23.21 and a 12-month high of $33.42. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of 8.99 and a beta of 0.95. The stock’s 50-day moving average price is $27.42 and its 200 day moving average price is $29.76.
TowneBank (NASDAQ:TOWN – Get Rating) last issued its quarterly earnings results on Thursday, January 26th. The bank reported $0.65 earnings per share (EPS) for the quarter. TowneBank had a return on equity of 10.15% and a net margin of 25.42%. The firm had revenue of $175.31 million for the quarter. As a group, research analysts predict that TowneBank will post 2.64 earnings per share for the current year.
TowneBank Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, April 12th. Investors of record on Thursday, March 30th were paid a dividend of $0.23 per share. The ex-dividend date was Wednesday, March 29th. This represents a $0.92 annualized dividend and a yield of 3.94%. TowneBank’s dividend payout ratio is 35.38%.
Analyst Ratings Changes
A number of research firms have recently commented on TOWN. Raymond James began coverage on TowneBank in a research note on Friday, March 3rd. They issued an “outperform” rating on the stock. StockNews.com began coverage on TowneBank in a research note on Thursday, March 16th. They issued a “hold” rating on the stock. Piper Sandler began coverage on TowneBank in a research note on Friday, February 17th. They issued an “overweight” rating on the stock. Finally, Keefe, Bruyette & Woods dropped their price objective on TowneBank from $32.00 to $28.00 and set a “market perform” rating on the stock in a research note on Thursday, April 6th.
TowneBank Company Profile
TowneBank engages in the provision of retail and commercial banking services to individuals and small and medium size businesses. It operates through the following segments: Banking, Realty, and Insurance. The Banking segment offers loan and deposit services to retail and commercial customers. The Realty segment focuses on the provision of residential real estate services and originations of a variety of mortgage loans.
Want to see what other hedge funds are holding TOWN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TowneBank (NASDAQ:TOWN – Get Rating).
Receive News & Ratings for TowneBank Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for TowneBank and related companies with MarketBeat.com’s FREE daily email newsletter.