6,727 Shares in TowneBank (NASDAQ:TOWN) Bought by Signature Estate & Investment Advisors LLC

Signature Estate & Investment Advisors LLC bought a new position in TowneBank (NASDAQ:TOWN) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 6,727 shares of the bank’s stock, valued at approximately $222,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Victory Capital Management Inc. boosted its position in shares of TowneBank by 7,668.0% in the third quarter. Victory Capital Management Inc. now owns 1,974,871 shares of the bank’s stock valued at $65,289,000 after acquiring an additional 1,949,448 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in TowneBank in the 1st quarter valued at $4,907,000. Dimensional Fund Advisors LP grew its position in TowneBank by 2.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,269,588 shares of the bank’s stock worth $116,431,000 after purchasing an additional 119,459 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of TowneBank by 92.5% during the first quarter. Russell Investments Group Ltd. now owns 181,730 shares of the bank’s stock valued at $5,099,000 after buying an additional 87,332 shares during the last quarter. Finally, Cubist Systematic Strategies LLC lifted its stake in shares of TowneBank by 315.8% in the second quarter. Cubist Systematic Strategies LLC now owns 95,407 shares of the bank’s stock valued at $2,602,000 after buying an additional 72,464 shares during the period. Institutional investors and hedge funds own 55.99% of the company’s stock.

TowneBank Trading Down 0.1 %

TOWN stock opened at $35.21 on Friday. The firm has a market cap of $2.64 billion, a P/E ratio of 17.69 and a beta of 0.89. TowneBank has a 1-year low of $25.70 and a 1-year high of $36.67. The business’s 50 day moving average is $33.74 and its 200-day moving average is $30.96.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02. TowneBank had a return on equity of 7.41% and a net margin of 14.89%. The firm had revenue of $258.86 million for the quarter, compared to analysts’ expectations of $179.80 million. During the same period in the prior year, the business posted $0.60 earnings per share. Sell-side analysts forecast that TowneBank will post 2.07 EPS for the current year.

TowneBank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were given a $0.25 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 2.84%. TowneBank’s dividend payout ratio (DPR) is presently 50.25%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods raised shares of TowneBank from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $35.00 to $40.00 in a report on Wednesday, October 2nd.

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.