Raymond James & Associates Has $3.33 Million Stock Position in TowneBank (NASDAQ:TOWN)

Raymond James & Associates lowered its stake in shares of TowneBank (NASDAQ:TOWNGet Rating) by 4.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 124,022 shares of the bank’s stock after selling 6,112 shares during the quarter. Raymond James & Associates’ holdings in TowneBank were worth $3,328,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. DAVENPORT & Co LLC raised its holdings in shares of TowneBank by 1.1% in the 2nd quarter. DAVENPORT & Co LLC now owns 482,964 shares of the bank’s stock worth $13,112,000 after acquiring an additional 5,472 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of TowneBank by 147.5% in the 2nd quarter. Victory Capital Management Inc. now owns 200,268 shares of the bank’s stock worth $5,437,000 after acquiring an additional 119,349 shares during the last quarter. Cerity Partners LLC acquired a new stake in shares of TowneBank in the 2nd quarter worth about $4,334,000. Rafferty Asset Management LLC bought a new stake in TowneBank in the 2nd quarter worth about $329,000. Finally, Federated Hermes Inc. grew its position in TowneBank by 2,188.2% in the 2nd quarter. Federated Hermes Inc. now owns 97,181 shares of the bank’s stock worth $2,639,000 after purchasing an additional 92,934 shares in the last quarter. Institutional investors and hedge funds own 52.75% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com began coverage on shares of TowneBank in a research report on Wednesday, October 12th. They issued a “hold” rating for the company.

TowneBank Trading Down 0.4 %

Shares of TOWN stock opened at $29.99 on Friday. TowneBank has a 52-week low of $26.18 and a 52-week high of $33.42. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.87 and a current ratio of 0.88. The company has a 50-day simple moving average of $31.43 and a two-hundred day simple moving average of $29.93. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of 11.95 and a beta of 0.99.

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

TowneBank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 12th. Stockholders of record on Friday, December 30th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date was Thursday, December 29th. TowneBank’s dividend payout ratio is currently 36.65%.

About TowneBank

(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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