TowneBank (NASDAQ:TOWN) Holdings Increased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. grew its position in shares of TowneBank (NASDAQ:TOWN) by 2.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 17,067 shares of the bank’s stock after purchasing an additional 365 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in TowneBank were worth $581,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the business. Raymond James Financial Inc. acquired a new stake in shares of TowneBank during the fourth quarter valued at approximately $14,122,000. Victory Capital Management Inc. lifted its stake in TowneBank by 9.1% in the fourth quarter. Victory Capital Management Inc. now owns 2,155,201 shares of the bank’s stock valued at $73,406,000 after acquiring an additional 180,330 shares during the last quarter. Keybank National Association OH grew its position in TowneBank by 10.6% in the fourth quarter. Keybank National Association OH now owns 12,535 shares of the bank’s stock worth $427,000 after acquiring an additional 1,200 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of TowneBank by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 845,335 shares of the bank’s stock worth $28,792,000 after buying an additional 6,285 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC grew its holdings in TowneBank by 775.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 67,458 shares of the bank’s stock valued at $2,298,000 after purchasing an additional 59,750 shares during the last quarter. Institutional investors own 55.99% of the company’s stock.

Analyst Ratings Changes

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

TowneBank Trading Down 0.8 %

NASDAQ TOWN opened at $34.47 on Friday. TowneBank has a 1-year low of $25.70 and a 1-year high of $38.28. The stock’s 50 day moving average is $35.50 and its two-hundred day moving average is $34.80. The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of 16.03 and a beta of 0.88.

TowneBank (NASDAQ:TOWN) last posted its earnings results on Wednesday, January 22nd. The bank reported $0.55 earnings per share (EPS) for the quarter, beating 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%. On average, analysts predict that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be given a $0.25 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a yield of 2.90%. TowneBank’s payout ratio is 46.51%.

TowneBank 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.