TowneBank (NASDAQ:TOWN) Shares Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. boosted its position in shares of TowneBank (NASDAQ:TOWN) by 4.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,596 shares of the bank’s stock after buying an additional 1,312 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in TowneBank were worth $940,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in TOWN. Nuance Investments LLC increased its position in TowneBank by 40.1% during the third quarter. Nuance Investments LLC now owns 2,372,044 shares of the bank’s stock worth $54,391,000 after buying an additional 678,368 shares during the period. Victory Capital Management Inc. increased its holdings in shares of TowneBank by 739.1% in the third quarter. Victory Capital Management Inc. now owns 187,441 shares of the bank’s stock valued at $4,298,000 after purchasing an additional 165,102 shares during the period. Vanguard Group Inc. increased its holdings in shares of TowneBank by 1.4% in the third quarter. Vanguard Group Inc. now owns 7,409,093 shares of the bank’s stock valued at $169,891,000 after purchasing an additional 101,677 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of TowneBank by 5.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 752,382 shares of the bank’s stock valued at $17,252,000 after purchasing an additional 41,667 shares during the period. Finally, Mariner LLC acquired a new position in shares of TowneBank in the third quarter valued at approximately $905,000. Institutional investors and hedge funds own 55.99% of the company’s stock.

TowneBank Stock Up 1.6 %

TowneBank stock opened at $27.82 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.88 and a quick ratio of 0.87. TowneBank has a 1-year low of $21.22 and a 1-year high of $31.08. The company has a market cap of $2.02 billion, a PE ratio of 13.44 and a beta of 0.89. The stock’s 50 day moving average price is $27.07 and its 200 day moving average price is $27.07.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings results on Wednesday, January 24th. The bank reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.05). TowneBank had a net margin of 16.33% and a return on equity of 8.03%. The business had revenue of $155.55 million during the quarter, compared to analysts’ expectations of $164.67 million. The business’s revenue was down 11.3% compared to the same quarter last year. On average, sell-side analysts predict that TowneBank will post 2.15 EPS for the current fiscal year.

TowneBank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were paid a $0.25 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.59%. TowneBank’s dividend payout ratio (DPR) is presently 48.31%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on TOWN shares. Raymond James boosted their target price on TowneBank from $28.00 to $32.00 and gave the company an “outperform” rating in a report on Friday, January 5th. StockNews.com lowered TowneBank from a “hold” rating to a “sell” rating in a report on Thursday, February 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $29.00.

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.