BNP Paribas Financial Markets Purchases 4,931 Shares of TowneBank (NASDAQ:TOWN)

BNP Paribas Financial Markets raised its holdings in shares of TowneBank (NASDAQ:TOWN) by 33.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,712 shares of the bank’s stock after purchasing an additional 4,931 shares during the quarter. BNP Paribas Financial Markets’ holdings in TowneBank were worth $652,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of TOWN. Innealta Capital LLC bought a new position in shares of TowneBank during the 2nd quarter worth $62,000. Point72 DIFC Ltd bought a new position in TowneBank during the second quarter worth about $73,000. KBC Group NV purchased a new position in shares of TowneBank in the third quarter worth about $100,000. FMR LLC increased its stake in shares of TowneBank by 137.8% in the third quarter. FMR LLC now owns 4,882 shares of the bank’s stock worth $161,000 after purchasing an additional 2,829 shares in the last quarter. Finally, Algert Global LLC bought a new stake in shares of TowneBank in the second quarter valued at approximately $205,000. Institutional investors and hedge funds own 55.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods upgraded TowneBank from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $35.00 to $40.00 in a research note on Wednesday, October 2nd.

TowneBank Stock Performance

TOWN opened at $36.54 on Friday. The stock has a market capitalization of $2.74 billion, a PE ratio of 18.36 and a beta of 0.91. The stock’s 50 day moving average price is $34.96 and its 200-day moving average price is $32.14. 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, October 23rd. The bank reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02. The firm had revenue of $258.86 million for the quarter, compared to analysts’ expectations of $179.80 million. TowneBank had a net margin of 14.89% and a return on equity of 7.32%. During the same quarter in the previous year, the business posted $0.60 EPS. Research analysts forecast that TowneBank will post 2.07 EPS for the current fiscal year.

TowneBank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 2.74%. TowneBank’s dividend payout ratio (DPR) is 50.25%.

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.