TowneBank (NASDAQ:TOWN) Shares Bought by Fmr LLC

Fmr LLC grew its position in TowneBank (NASDAQ:TOWN) by 137.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,882 shares of the bank’s stock after buying an additional 2,829 shares during the quarter. Fmr LLC’s holdings in TowneBank were worth $161,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC acquired a new stake in TowneBank in the second quarter valued at approximately $249,000. AMG National Trust Bank raised its holdings in shares of TowneBank by 11.8% in the 2nd quarter. AMG National Trust Bank now owns 50,107 shares of the bank’s stock valued at $1,366,000 after purchasing an additional 5,276 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of TowneBank by 4.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 504,926 shares of the bank’s stock worth $13,769,000 after purchasing an additional 21,143 shares during the last quarter. Innealta Capital LLC acquired a new position in shares of TowneBank during the second quarter worth $62,000. Finally, Rhumbline Advisers increased its holdings in TowneBank by 0.8% in the second quarter. Rhumbline Advisers now owns 135,208 shares of the bank’s stock valued at $3,687,000 after buying an additional 1,055 shares during the last quarter. Hedge funds and other institutional investors own 55.99% of the company’s stock.

TowneBank Trading Up 0.5 %

Shares of TOWN stock opened at $34.32 on Monday. The stock has a 50 day simple moving average of $35.19 and a 200-day simple moving average of $32.53. The company has a market cap of $2.57 billion, a price-to-earnings ratio of 17.25 and a beta of 0.91. TowneBank has a 12-month low of $25.70 and a 12-month high of $38.28.

TowneBank (NASDAQ:TOWN) last posted its earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.02. TowneBank had a return on equity of 7.32% and a net margin of 14.89%. The company had revenue of $258.86 million for the quarter, compared to analyst estimates of $179.80 million. During the same quarter in the prior year, the company earned $0.60 earnings per share. On average, equities analysts forecast that TowneBank will post 2.07 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 2.91%. TowneBank’s dividend payout ratio (DPR) is presently 50.25%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods raised 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 report on Wednesday, October 2nd.

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.