California State Teachers Retirement System reduced its position in TowneBank (NASDAQ:TOWN) by 9.7% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 90,481 shares of the bank’s stock after selling 9,761 shares during the period. California State Teachers Retirement System owned about 0.14% of TowneBank worth $3,031,000 as of its most recent filing with the SEC.
A number of other large investors have also recently modified their holdings of the stock. SG Americas Securities LLC bought a new position in shares of TowneBank during the second quarter worth approximately $144,000. Victory Capital Management Inc. increased its holdings in shares of TowneBank by 17.6% during the second quarter. Victory Capital Management Inc. now owns 6,355 shares of the bank’s stock worth $196,000 after purchasing an additional 952 shares during the period. Verity Asset Management Inc. acquired a new stake in TowneBank in the third quarter valued at approximately $210,000. Amalgamated Bank boosted its position in TowneBank by 1.6% in the second quarter. Amalgamated Bank now owns 7,135 shares of the bank’s stock valued at $220,000 after buying an additional 114 shares in the last quarter. Finally, Prudential Financial Inc. boosted its position in TowneBank by 5.7% in the second quarter. Prudential Financial Inc. now owns 7,225 shares of the bank’s stock valued at $223,000 after buying an additional 390 shares in the last quarter. Institutional investors and hedge funds own 44.28% of the company’s stock.
TowneBank (NASDAQ TOWN) opened at $32.35 on Thursday. TowneBank has a twelve month low of $28.55 and a twelve month high of $35.30. The firm has a market cap of $2,023.30, a PE ratio of 21.28 and a beta of 0.98. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.47.
TowneBank (NASDAQ:TOWN) last released its quarterly earnings results on Thursday, October 26th. The bank reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.01). The firm had revenue of $115.34 million for the quarter, compared to analysts’ expectations of $118.96 million. TowneBank had a return on equity of 8.49% and a net margin of 19.55%. analysts predict that TowneBank will post 1.57 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, January 12th. Shareholders of record on Friday, December 29th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date of this dividend was Thursday, December 28th. TowneBank’s payout ratio is 36.84%.
Several research firms recently issued reports on TOWN. Brean Capital restated a “hold” rating on shares of TowneBank in a report on Tuesday, January 2nd. Keefe, Bruyette & Woods restated a “hold” rating and issued a $35.00 target price on shares of TowneBank in a report on Friday, December 22nd. BidaskClub lowered shares of TowneBank from a “hold” rating to a “sell” rating in a report on Thursday, January 4th. Piper Jaffray Companies set a $34.00 price target on shares of TowneBank and gave the company a “hold” rating in a research note on Tuesday, October 31st. Finally, Zacks Investment Research raised shares of TowneBank from a “sell” rating to a “hold” rating in a research note on Wednesday, September 27th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. The company has a consensus rating of “Hold” and an average price target of $34.67.
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TowneBank is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three segments: Banking, Realty and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. The Realty segment provides residential real estate services, originations of a range of mortgage loans, resort property management, and residential and commercial title insurance.
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