Connor Clark & Lunn Investment Management Ltd. Takes Position in TowneBank (NASDAQ:TOWN)

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in TowneBank (NASDAQ:TOWN) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 16,702 shares of the bank’s stock, valued at approximately $552,000.

A number of other institutional investors and hedge funds have also made changes to their positions in TOWN. Oak Harbor Wealth Partners LLC increased its position in TowneBank by 7.0% during the second quarter. Oak Harbor Wealth Partners LLC now owns 8,408 shares of the bank’s stock worth $229,000 after buying an additional 549 shares during the period. SummerHaven Investment Management LLC raised its stake in shares of TowneBank by 1.9% during the second quarter. SummerHaven Investment Management LLC now owns 31,187 shares of the bank’s stock worth $850,000 after purchasing an additional 569 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of TowneBank by 6.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 9,753 shares of the bank’s stock worth $322,000 after purchasing an additional 617 shares during the period. First Western Trust Bank lifted its stake in shares of TowneBank by 4.3% in the 3rd quarter. First Western Trust Bank now owns 18,123 shares of the bank’s stock worth $599,000 after acquiring an additional 745 shares during the period. Finally, AMG National Trust Bank increased its position in TowneBank by 1.6% during the 3rd quarter. AMG National Trust Bank now owns 50,929 shares of the bank’s stock worth $1,684,000 after purchasing an additional 822 shares during the period. 55.99% of the stock is owned by institutional investors and hedge funds.

TowneBank Price Performance

TOWN stock opened at $36.63 on Friday. TowneBank has a 12 month low of $25.70 and a 12 month high of $37.77. The company’s 50 day simple moving average is $34.17 and its 200-day simple moving average is $31.49. The firm has a market capitalization of $2.75 billion, a PE ratio of 18.43 and a beta of 0.89.

TowneBank (NASDAQ:TOWN) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.58 earnings per share (EPS) 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 business had revenue of $258.86 million for the quarter, compared to the consensus estimate of $179.80 million. During the same period in the prior year, the business earned $0.60 earnings per share. As a group, sell-side analysts anticipate that TowneBank will post 2.07 earnings per share for the current year.

TowneBank Dividend Announcement

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 is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 2.73%. TowneBank’s dividend payout ratio (DPR) is presently 50.25%.

Wall Street Analyst Weigh In

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

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.