Cary Street Partners Investment Advisory LLC lifted its position in TowneBank (NASDAQ:TOWN – Free Report) by 6.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 19,998 shares of the bank’s stock after buying an additional 1,289 shares during the period. Cary Street Partners Investment Advisory LLC’s holdings in TowneBank were worth $465,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of the company. Royal Bank of Canada raised its position in shares of TowneBank by 1.5% in the 3rd quarter. Royal Bank of Canada now owns 24,015 shares of the bank’s stock valued at $644,000 after purchasing an additional 355 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of TowneBank by 1.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 26,822 shares of the bank’s stock worth $827,000 after buying an additional 360 shares during the period. Commonwealth Equity Services LLC grew its holdings in shares of TowneBank by 4.7% during the third quarter. Commonwealth Equity Services LLC now owns 8,254 shares of the bank’s stock valued at $221,000 after buying an additional 368 shares during the last quarter. Russell Investments Group Ltd. raised its stake in TowneBank by 1.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 39,818 shares of the bank’s stock worth $925,000 after acquiring an additional 417 shares during the last quarter. Finally, American International Group Inc. lifted its position in TowneBank by 1.3% during the 2nd quarter. American International Group Inc. now owns 33,803 shares of the bank’s stock worth $786,000 after acquiring an additional 448 shares during the period. Institutional investors own 54.03% of the company’s stock.
TowneBank Stock Performance
NASDAQ TOWN opened at $26.85 on Tuesday. The company has a current ratio of 0.92, a quick ratio of 0.90 and a debt-to-equity ratio of 0.38. TowneBank has a twelve month low of $21.22 and a twelve month high of $33.09. The stock has a 50-day moving average of $23.70 and a 200 day moving average of $23.95. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of 11.57 and a beta of 0.92.
TowneBank Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date was Thursday, September 28th. TowneBank’s dividend payout ratio is presently 43.10%.
Analyst Upgrades and Downgrades
TOWN has been the topic of several research reports. Hovde Group began coverage on shares of TowneBank in a report on Friday, August 11th. They issued a “market perform” rating and a $27.00 price target on the stock. Stephens started coverage on shares of TowneBank in a report on Tuesday, September 12th. They issued an “equal weight” rating on the stock. Finally, StockNews.com assumed coverage on TowneBank in a research note on Thursday, October 5th. They set a “sell” rating for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, TowneBank presently has an average rating of “Hold” and a consensus price target of $27.75.
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.
- Five stocks we like better than TowneBank
- How to Invest in E-Commerce: A Guide
- Safeguard your portfolio with these three bargain stocks
- Compound Interest and Why It Matters When Investing
- Membership clubs gain leverage for the consumer rebound
- How to Effectively Use the MarketBeat Ratings Screener
- Advanced Auto Parts may be worth more in pieces than the whole
Receive News & Ratings for TowneBank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TowneBank and related companies with MarketBeat.com's FREE daily email newsletter.