California State Teachers Retirement System trimmed its position in shares of TowneBank (NASDAQ:TOWN) by 9.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. 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 SEC filing.
Several other large investors have also recently modified their holdings of TOWN. Chartwell Investment Partners LLC raised its stake in shares of TowneBank by 169.3% during the third quarter. Chartwell Investment Partners LLC now owns 485,614 shares of the bank’s stock valued at $16,268,000 after acquiring an additional 305,304 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of TowneBank by 6.7% during the third quarter. Dimensional Fund Advisors LP now owns 1,946,454 shares of the bank’s stock valued at $65,206,000 after acquiring an additional 122,476 shares during the last quarter. State Street Corp raised its stake in TowneBank by 7.5% in the second quarter. State Street Corp now owns 1,134,228 shares of the bank’s stock worth $34,937,000 after buying an additional 78,810 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its stake in TowneBank by 1,222.6% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 70,100 shares of the bank’s stock worth $2,348,000 after buying an additional 64,800 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in TowneBank by 6.5% in the second quarter. Renaissance Technologies LLC now owns 763,287 shares of the bank’s stock worth $23,509,000 after buying an additional 46,600 shares in the last quarter. 44.31% of the stock is owned by hedge funds and other institutional investors.
A number of research firms recently issued reports on TOWN. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $35.00 price target on shares of TowneBank in a research note on Friday, December 22nd. Brean Capital reissued a “hold” rating on shares of TowneBank in a research note on Tuesday, January 2nd. Zacks Investment Research raised shares of TowneBank from a “hold” rating to a “buy” rating and set a $35.00 price target for the company in a research note on Wednesday. BidaskClub downgraded shares of TowneBank from a “hold” rating to a “sell” rating in a research note on Thursday, January 4th. Finally, Piper Jaffray Companies set a $34.00 price target on shares of TowneBank and gave the stock a “hold” rating in a research note on Tuesday, October 31st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $35.00.
Shares of TowneBank (NASDAQ TOWN) traded down $0.35 during midday trading on Friday, hitting $30.20. 158,234 shares of the company’s stock were exchanged, compared to its average volume of 225,758. TowneBank has a fifty-two week low of $28.55 and a fifty-two week high of $35.30. The company has a market capitalization of $2,201.44 and a P/E ratio of 21.56. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 0.47.
TowneBank (NASDAQ:TOWN) last announced its earnings results on Thursday, January 25th. The bank reported $0.37 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.01. TowneBank had a net margin of 17.77% and a return on equity of 8.73%. The business had revenue of $109.14 million during the quarter, compared to the consensus estimate of $108.16 million. research analysts forecast that TowneBank will post 1.89 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, January 12th. Shareholders of record on Friday, December 29th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date was Thursday, December 28th. TowneBank’s dividend payout ratio is 39.72%.
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TowneBank Company Profile
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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