TowneBank (NASDAQ:TOWN) Shares Purchased by Barclays PLC

Barclays PLC raised its position in shares of TowneBank (NASDAQ:TOWN) by 90.8% during the 3rd quarter, Holdings Channel reports. The firm owned 143,914 shares of the bank’s stock after buying an additional 68,479 shares during the quarter. Barclays PLC’s holdings in TowneBank were worth $4,758,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC purchased a new position in shares of TowneBank during the second quarter worth $249,000. AMG National Trust Bank grew its holdings in TowneBank by 11.8% during the second quarter. AMG National Trust Bank now owns 50,107 shares of the bank’s stock worth $1,366,000 after acquiring an additional 5,276 shares during the period. Bank of New York Mellon Corp raised its position in TowneBank by 4.4% during the second quarter. Bank of New York Mellon Corp now owns 504,926 shares of the bank’s stock valued at $13,769,000 after acquiring an additional 21,143 shares in the last quarter. Innealta Capital LLC acquired a new position in TowneBank in the second quarter valued at approximately $62,000. Finally, Rhumbline Advisers grew its stake in shares of TowneBank by 0.8% during the 2nd quarter. Rhumbline Advisers now owns 135,208 shares of the bank’s stock worth $3,687,000 after purchasing an additional 1,055 shares during the period. 55.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

TowneBank Stock Up 0.5 %

TOWN opened at $34.32 on Friday. The company has a market cap of $2.57 billion, a PE ratio of 17.25 and a beta of 0.91. TowneBank has a twelve month low of $25.70 and a twelve month high of $38.28. The company has a 50-day moving average price of $35.19 and a 200 day moving average price of $32.49.

TowneBank (NASDAQ:TOWN) last released its earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share 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 quarter last year, the business posted $0.60 earnings per share. As a group, sell-side analysts expect that TowneBank will post 2.07 earnings per share for the current year.

TowneBank Announces Dividend

The firm also recently announced 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 is Tuesday, December 31st. TowneBank’s dividend payout ratio (DPR) is 50.25%.

TowneBank Company 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.