Charles Schwab Investment Management Inc. Raises Stock Position in TowneBank (NASDAQ:TOWN)

Charles Schwab Investment Management Inc. raised its stake in TowneBank (NASDAQ:TOWN) by 0.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 845,335 shares of the bank’s stock after buying an additional 6,285 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.13% of TowneBank worth $28,792,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. acquired a new stake in shares of TowneBank in the fourth quarter valued at approximately $34,000. Blue Trust Inc. grew its position in shares of TowneBank by 258.5% in the fourth quarter. Blue Trust Inc. now owns 1,434 shares of the bank’s stock valued at $47,000 after purchasing an additional 1,034 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of TowneBank in the third quarter valued at approximately $73,000. KBC Group NV acquired a new stake in shares of TowneBank in the third quarter valued at approximately $100,000. Finally, FMR LLC grew its position in shares of TowneBank by 137.8% in the third quarter. FMR LLC now owns 4,882 shares of the bank’s stock valued at $161,000 after purchasing an additional 2,829 shares during the last quarter. 55.99% of the stock is owned by hedge funds and other institutional investors.

TowneBank Stock Performance

Shares of NASDAQ TOWN opened at $34.81 on Tuesday. TowneBank has a 1 year low of $25.70 and a 1 year high of $38.28. The firm’s 50 day moving average price is $35.36 and its 200 day moving average price is $34.80. The firm has a market cap of $2.61 billion, a P/E ratio of 16.19 and a beta of 0.88.

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

TowneBank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend is Monday, March 31st. TowneBank’s dividend payout ratio is currently 46.51%.

Analysts Set New Price Targets

Separately, Stephens restated an “equal weight” rating and set a $41.00 target price on shares of TowneBank in a research report on Thursday, January 23rd.

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.