13,607 Shares in TowneBank (NASDAQ:TOWN) Purchased by Redmond Asset Management LLC

Redmond Asset Management LLC purchased a new position in shares of TowneBank (NASDAQ:TOWN) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 13,607 shares of the bank’s stock, valued at approximately $463,000.

A number of other large investors have also recently made changes to their positions in TOWN. Wealth Enhancement Advisory Services LLC boosted its stake in shares of TowneBank by 6.8% during the 3rd 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. Arbor Investment Advisors LLC bought a new stake in TowneBank during the 3rd quarter valued at about $577,000. Financial Security Advisor Inc. lifted its holdings in TowneBank by 5.2% during the 3rd quarter. Financial Security Advisor Inc. now owns 37,070 shares of the bank’s stock valued at $1,235,000 after buying an additional 1,830 shares in the last quarter. Entropy Technologies LP bought a new stake in TowneBank during the 3rd quarter valued at about $312,000. Finally, Victory Capital Management Inc. lifted its holdings in TowneBank by 7,668.0% during the 3rd quarter. Victory Capital Management Inc. now owns 1,974,871 shares of the bank’s stock valued at $65,289,000 after buying an additional 1,949,448 shares in the last quarter. 55.99% of the stock is owned by hedge funds and other institutional investors.

TowneBank Price Performance

Shares of TOWN opened at $36.20 on Friday. TowneBank has a 1-year low of $25.70 and a 1-year high of $38.28. The company has a 50-day moving average of $35.11 and a 200 day moving average of $34.50. The firm has a market capitalization of $2.72 billion, a price-to-earnings ratio of 16.84 and a beta of 0.93.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.48 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. On average, equities analysts anticipate that TowneBank will post 2.6 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st were issued a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.76%. TowneBank’s dividend payout ratio is currently 46.51%.

Wall Street Analysts Forecast Growth

Separately, Stephens reiterated an “equal weight” rating and set a $41.00 price objective on shares of TowneBank in a report on Thursday, January 23rd.

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.