Teacher Retirement System of Texas Raises Stake in TowneBank (NASDAQ:TOWN)

Teacher Retirement System of Texas increased its stake in TowneBank (NASDAQ:TOWN) by 31.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,790 shares of the bank’s stock after buying an additional 8,335 shares during the period. Teacher Retirement System of Texas’ holdings in TowneBank were worth $1,185,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Picton Mahoney Asset Management bought a new position in TowneBank in the 4th quarter worth about $28,000. Salem Investment Counselors Inc. bought a new position in TowneBank in the fourth quarter worth approximately $34,000. Blue Trust Inc. increased its holdings in TowneBank by 258.5% during the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank’s stock worth $47,000 after purchasing an additional 1,034 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in TowneBank during the 3rd quarter valued at $73,000. Finally, KBC Group NV lifted its holdings in shares of TowneBank by 28.2% in the 4th quarter. KBC Group NV now owns 3,858 shares of the bank’s stock worth $131,000 after buying an additional 848 shares during the period. Hedge funds and other institutional investors own 55.99% of the company’s stock.

TowneBank Stock Down 2.0 %

Shares of TOWN stock opened at $34.45 on Friday. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 16.02 and a beta of 0.88. TowneBank has a 52-week low of $25.70 and a 52-week high of $38.28. The company’s 50 day moving average is $35.64 and its 200 day moving average is $34.85.

TowneBank (NASDAQ:TOWN) last announced its quarterly 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 return on equity of 7.77% and a net margin of 15.77%. Analysts anticipate that TowneBank will post 2.6 EPS for the current fiscal year.

TowneBank Dividend Announcement

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

Wall Street Analysts Forecast Growth

Separately, Stephens restated an “equal weight” rating and issued a $41.00 price objective on shares of TowneBank in a 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.