TowneBank (NASDAQ:TOWN) Shares Acquired by Fmr LLC

Fmr LLC boosted its stake in TowneBank (NASDAQ:TOWN) by 137.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,882 shares of the bank’s stock after acquiring an additional 2,829 shares during the period. Fmr LLC’s holdings in TowneBank were worth $161,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in TOWN. Wealth Enhancement Advisory Services LLC grew 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 valued at $322,000 after purchasing an additional 617 shares during the last quarter. First Western Trust Bank grew its stake in TowneBank by 4.3% during the 3rd quarter. First Western Trust Bank now owns 18,123 shares of the bank’s stock worth $599,000 after buying an additional 745 shares during the last quarter. AMG National Trust Bank grew its stake 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 buying an additional 822 shares during the last quarter. Rhumbline Advisers increased its position in TowneBank by 0.8% in the second quarter. Rhumbline Advisers now owns 135,208 shares of the bank’s stock worth $3,687,000 after buying an additional 1,055 shares during the period. Finally, Cerity Partners LLC lifted its stake in TowneBank by 1.1% in the third quarter. Cerity Partners LLC now owns 109,144 shares of the bank’s stock valued at $3,608,000 after buying an additional 1,236 shares during the last quarter. 55.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

TowneBank Stock Performance

Shares of NASDAQ:TOWN opened at $34.32 on Monday. The firm has a 50 day simple moving average of $35.19 and a 200 day simple moving average of $32.53. TowneBank has a 52 week low of $25.70 and a 52 week high of $38.28. The company has a market cap of $2.57 billion, a PE ratio of 17.25 and a beta of 0.91.

TowneBank (NASDAQ:TOWN) last issued its earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share (EPS) 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 company had revenue of $258.86 million during the quarter, compared to analyst estimates of $179.80 million. During the same quarter last year, the business posted $0.60 EPS. On average, equities analysts predict that TowneBank will post 2.07 earnings per share for the current year.

TowneBank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date of this dividend is Tuesday, December 31st. TowneBank’s dividend payout ratio is 50.25%.

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.