US Bancorp DE lowered its holdings in shares of TowneBank (NASDAQ:TOWN – Get Rating) by 2.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,561 shares of the bank’s stock after selling 528 shares during the quarter. US Bancorp DE’s holdings in TowneBank were worth $606,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently made changes to their positions in TOWN. DAVENPORT & Co LLC increased its holdings in 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 in the last quarter. Victory Capital Management Inc. increased its holdings in 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 in the last quarter. Cerity Partners LLC purchased a new stake in TowneBank in the 2nd quarter worth approximately $4,334,000. Rafferty Asset Management LLC purchased a new stake in TowneBank in the 2nd quarter worth approximately $329,000. Finally, Federated Hermes Inc. increased its holdings 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 acquiring an additional 92,934 shares in the last quarter. Hedge funds and other institutional investors own 52.75% of the company’s stock.
Wall Street Analyst Weigh In
Separately, StockNews.com started coverage on TowneBank in a research note on Wednesday, October 12th. They issued a “hold” rating for the company.
TowneBank Trading Up 1.5 %
TowneBank (NASDAQ:TOWN – Get Rating) last posted its quarterly earnings results on Thursday, October 27th. The bank reported $0.70 earnings per share for the quarter. The business had revenue of $179.24 million during the quarter. TowneBank had a return on equity of 9.75% and a net margin of 25.55%.
TowneBank Announces Dividend
The company 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. The ex-dividend date of this dividend was Thursday, December 29th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.02%. TowneBank’s dividend payout ratio is currently 36.65%.
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.
- Get a free copy of the StockNews.com research report on TowneBank (TOWN)
- MarketBeat Week in Review – 1/16 – 1/20
- Does Old Dominion Show That Trucking Is Hitting The Brakes?
- Nordstrom Puts Fear Of Markdowns Into Retail Sector
- Exxon Mobil Stock: Within Striking Distance Of Buy Point
- High-Dividend-Yielding BHP Sees China Driving ’23 Growth
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.