US Bancorp DE boosted its position in shares of TowneBank (NASDAQ:TOWN) by 14.4% during the first quarter, HoldingsChannel.com reports. The firm owned 16,665 shares of the bank’s stock after buying an additional 2,092 shares during the quarter. US Bancorp DE’s holdings in TowneBank were worth $412,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Thrivent Financial for Lutherans purchased a new position in TowneBank during the fourth quarter worth about $1,198,000. LPL Financial LLC raised its stake in shares of TowneBank by 8.2% in the 4th quarter. LPL Financial LLC now owns 25,000 shares of the bank’s stock valued at $599,000 after acquiring an additional 1,900 shares during the period. Geode Capital Management LLC raised its stake in shares of TowneBank by 9.0% in the 4th quarter. Geode Capital Management LLC now owns 790,500 shares of the bank’s stock valued at $18,932,000 after acquiring an additional 65,244 shares during the period. Wilbanks Smith & Thomas Asset Management LLC raised its stake in shares of TowneBank by 9.2% in the 4th quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 199,122 shares of the bank’s stock valued at $4,769,000 after acquiring an additional 16,852 shares during the period. Finally, Denali Advisors LLC purchased a new stake in shares of TowneBank in the 1st quarter valued at approximately $131,000. 45.94% of the stock is currently owned by institutional investors.
Shares of TowneBank stock traded up $0.01 on Friday, reaching $26.89. The company had a trading volume of 1,188 shares, compared to its average volume of 95,078. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of 13.52 and a beta of 1.08. TowneBank has a 52-week low of $22.88 and a 52-week high of $33.85. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 1.02.
TowneBank (NASDAQ:TOWN) last released its quarterly earnings results on Thursday, April 25th. The bank reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.05). The company had revenue of $133.85 million during the quarter, compared to analysts’ expectations of $138.13 million. TowneBank had a net margin of 22.24% and a return on equity of 9.31%. Equities analysts expect that TowneBank will post 1.94 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 10th. Investors of record on Friday, June 28th will be issued a $0.18 dividend. The ex-dividend date is Thursday, June 27th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.68%. This is a boost from TowneBank’s previous quarterly dividend of $0.16. TowneBank’s payout ratio is 32.32%.
TOWN has been the topic of a number of research analyst reports. BidaskClub raised shares of TowneBank from a “hold” rating to a “buy” rating in a research note on Wednesday, February 20th. ValuEngine downgraded shares of TowneBank from a “hold” rating to a “sell” rating in a research note on Wednesday, March 6th. Finally, Zacks Investment Research downgraded shares of TowneBank from a “hold” rating to a “sell” rating in a research note on Tuesday, April 30th. Five analysts have rated the stock with a hold rating, TowneBank currently has an average rating of “Hold” and a consensus price target of $34.00.
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TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.
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