American International Group Inc. lifted its stake in shares of TowneBank (NASDAQ:TOWN – Free Report) by 1.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 33,803 shares of the bank’s stock after buying an additional 448 shares during the quarter. American International Group Inc.’s holdings in TowneBank were worth $786,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently modified their holdings of TOWN. Royal Bank of Canada increased its stake in TowneBank by 1.5% in the third quarter. Royal Bank of Canada now owns 24,015 shares of the bank’s stock valued at $644,000 after purchasing an additional 355 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in TowneBank by 1.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 26,822 shares of the bank’s stock valued at $827,000 after buying an additional 360 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in TowneBank by 4.7% during the 3rd quarter. Commonwealth Equity Services LLC now owns 8,254 shares of the bank’s stock worth $221,000 after buying an additional 368 shares during the period. Fuller & Thaler Asset Management Inc. boosted its holdings in TowneBank by 0.3% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 186,470 shares of the bank’s stock worth $5,583,000 after acquiring an additional 507 shares in the last quarter. Finally, Arizona State Retirement System grew its stake in TowneBank by 2.7% in the first quarter. Arizona State Retirement System now owns 20,018 shares of the bank’s stock valued at $533,000 after acquiring an additional 523 shares during the period. Institutional investors own 54.03% of the company’s stock.
Analyst Ratings Changes
A number of equities analysts have recently weighed in on TOWN shares. Hovde Group began coverage on TowneBank in a research report on Friday, August 11th. They set a “market perform” rating and a $27.00 target price on the stock. StockNews.com initiated coverage on shares of TowneBank in a research note on Thursday, October 5th. They issued a “sell” rating on the stock. Finally, Stephens started coverage on shares of TowneBank in a research report on Tuesday, September 12th. They set an “equal weight” rating for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $27.75.
TowneBank Stock Performance
Shares of TOWN stock opened at $27.00 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.92 and a quick ratio of 0.90. The firm has a 50-day moving average of $23.45 and a 200-day moving average of $23.84. TowneBank has a one year low of $21.22 and a one year high of $33.09. The company has a market cap of $1.96 billion, a P/E ratio of 11.64 and a beta of 0.92.
TowneBank (NASDAQ:TOWN – Get Free Report) last posted its quarterly earnings data on Thursday, October 26th. The bank reported $0.60 EPS for the quarter, beating the consensus estimate of $0.49 by $0.11. TowneBank had a net margin of 18.90% and a return on equity of 9.04%. The firm had revenue of $242.66 million during the quarter, compared to analyst estimates of $171.91 million. Equities research analysts forecast that TowneBank will post 2.19 EPS for the current fiscal year.
TowneBank Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $1.00 dividend on an annualized basis and a yield of 3.70%. TowneBank’s dividend payout ratio (DPR) is currently 43.10%.
TowneBank Company 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.
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