JPMorgan Chase & Co. Buys 50,149 Shares of TowneBank (NASDAQ:TOWN)

JPMorgan Chase & Co. grew its stake in shares of TowneBank (NASDAQ:TOWN) by 16.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 361,960 shares of the bank’s stock after acquiring an additional 50,149 shares during the period. JPMorgan Chase & Co. owned about 0.48% of TowneBank worth $11,966,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of TOWN. Point72 DIFC Ltd bought a new stake in shares of TowneBank in the second quarter valued at about $73,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in TowneBank during the third quarter valued at about $73,000. KBC Group NV purchased a new position in TowneBank in the third quarter valued at about $100,000. FMR LLC lifted its position in shares of TowneBank by 137.8% during the third quarter. FMR LLC now owns 4,882 shares of the bank’s stock valued at $161,000 after buying an additional 2,829 shares during the last quarter. Finally, Algert Global LLC bought a new stake in shares of TowneBank in the 2nd quarter valued at about $205,000. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

TowneBank Stock Performance

Shares of TOWN stock opened at $32.13 on Monday. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of 16.15 and a beta of 0.93. The stock’s 50-day simple moving average is $35.23 and its 200-day simple moving average is $33.36. TowneBank has a fifty-two week low of $25.70 and a fifty-two week high of $38.28.

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

TowneBank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date is Tuesday, December 31st. 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.