Raymond James Financial Services Advisors Inc. Grows Stake in TowneBank (NASDAQ:TOWN)

Raymond James Financial Services Advisors Inc. lifted its stake in shares of TowneBank (NASDAQ:TOWNGet Rating) by 14.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 83,235 shares of the bank’s stock after purchasing an additional 10,727 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in TowneBank were worth $2,233,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of TOWN. Raymond James & Associates boosted its position in TowneBank by 43.5% during the first quarter. Raymond James & Associates now owns 130,689 shares of the bank’s stock worth $3,913,000 after acquiring an additional 39,623 shares during the last quarter. Bank of New York Mellon Corp boosted its position in TowneBank by 2.5% during the first quarter. Bank of New York Mellon Corp now owns 431,331 shares of the bank’s stock worth $12,914,000 after acquiring an additional 10,676 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in TowneBank by 23.2% during the first quarter. PNC Financial Services Group Inc. now owns 9,175 shares of the bank’s stock worth $274,000 after acquiring an additional 1,726 shares during the last quarter. MetLife Investment Management LLC boosted its position in TowneBank by 55.6% during the first quarter. MetLife Investment Management LLC now owns 36,221 shares of the bank’s stock worth $1,084,000 after acquiring an additional 12,939 shares during the last quarter. Finally, BlackRock Inc. boosted its position in TowneBank by 6.5% during the first quarter. BlackRock Inc. now owns 5,151,219 shares of the bank’s stock worth $154,227,000 after acquiring an additional 316,304 shares during the last quarter. Hedge funds and other institutional investors own 52.75% of the company’s stock.

TowneBank Stock Performance

NASDAQ:TOWN opened at $31.42 on Tuesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.88 and a quick ratio of 0.87. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of 12.52 and a beta of 0.99. The company’s 50-day moving average is $31.56 and its two-hundred day moving average is $29.91. TowneBank has a 1-year low of $26.18 and a 1-year high of $34.49.

TowneBank (NASDAQ:TOWNGet Rating) last posted its earnings results on Thursday, October 27th. The bank reported $0.70 earnings per share for the quarter. The company had revenue of $179.24 million for the quarter. TowneBank had a net margin of 25.55% and a return on equity of 9.75%.

TowneBank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 12th. Stockholders of record on Friday, December 30th were issued a $0.23 dividend. The ex-dividend date was Thursday, December 29th. This represents a $0.92 annualized dividend and a dividend yield of 2.93%. TowneBank’s dividend payout ratio is currently 36.65%.

Wall Street Analyst Weigh In

Separately, StockNews.com assumed coverage on shares of TowneBank in a research report on Wednesday, October 12th. They set a “hold” rating on the stock.

TowneBank Company Profile

(Get Rating)

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.

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Institutional Ownership by Quarter for TowneBank (NASDAQ:TOWN)

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