Federated Hermes Inc. Purchases Shares of 2,410 TowneBank (NASDAQ:TOWN)

Federated Hermes Inc. acquired a new position in shares of TowneBank (NASDAQ:TOWN) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,410 shares of the bank’s stock, valued at approximately $82,000.

Other institutional investors have also recently modified their holdings of the company. Picton Mahoney Asset Management acquired a new stake in shares of TowneBank during the 4th quarter worth about $28,000. Salem Investment Counselors Inc. acquired a new stake in TowneBank during the fourth quarter worth approximately $34,000. Blue Trust Inc. boosted its position in TowneBank by 258.5% during the fourth quarter. Blue Trust Inc. now owns 1,434 shares of the bank’s stock worth $47,000 after acquiring an additional 1,034 shares during the last quarter. KBC Group NV grew its stake in TowneBank by 28.2% in the 4th quarter. KBC Group NV now owns 3,858 shares of the bank’s stock worth $131,000 after acquiring an additional 848 shares during the period. Finally, FMR LLC raised its holdings in TowneBank by 137.8% in the 3rd quarter. FMR LLC now owns 4,882 shares of the bank’s stock valued at $161,000 after acquiring an additional 2,829 shares during the last quarter. 55.99% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on TOWN shares. Stephens restated an “equal weight” rating and issued a $41.00 target price on shares of TowneBank in a report on Thursday, January 23rd. Hovde Group raised shares of TowneBank from a “market perform” rating to an “outperform” rating and lowered their price objective for the company from $39.00 to $38.00 in a research note on Friday, April 4th.

TowneBank Trading Up 1.0 %

NASDAQ TOWN opened at $31.80 on Friday. The company has a 50-day moving average price of $34.19 and a two-hundred day moving average price of $34.63. The stock has a market cap of $2.39 billion, a price-to-earnings ratio of 14.79 and a beta of 0.79. TowneBank has a 52 week low of $25.70 and a 52 week high of $38.28.

TowneBank (NASDAQ:TOWN) last announced its earnings results on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, topping the consensus estimate of $0.48 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. As a group, equities research analysts expect that TowneBank will post 2.6 earnings per share for the current fiscal year.

TowneBank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Monday, March 31st were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend was Monday, March 31st. TowneBank’s payout ratio is presently 46.51%.

About TowneBank

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.