Mercer Global Advisors Inc. ADV increased its stake in shares of TowneBank (NASDAQ:TOWN – Get Rating) by 55.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,260 shares of the bank’s stock after purchasing an additional 7,540 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in TowneBank were worth $656,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in TOWN. Sargent Bickham Lagudis LLC acquired a new position in TowneBank during the 4th quarter worth approximately $25,000. CWM LLC increased its position in TowneBank by 285.7% during the 4th quarter. CWM LLC now owns 1,049 shares of the bank’s stock worth $32,000 after purchasing an additional 777 shares in the last quarter. Great West Life Assurance Co. Can acquired a new position in TowneBank during the 3rd quarter worth approximately $107,000. Quantbot Technologies LP acquired a new position in TowneBank during the 1st quarter worth approximately $123,000. Finally, Federated Hermes Inc. acquired a new position in TowneBank during the 1st quarter worth approximately $128,000. 52.75% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities analysts recently issued reports on the stock. 22nd Century Group reiterated a “maintains” rating on shares of TowneBank in a research report on Wednesday, May 3rd. StockNews.com began coverage on shares of TowneBank in a research report on Thursday. They issued a “sell” rating for the company. Raymond James decreased their price target on shares of TowneBank from $34.00 to $28.00 in a research report on Wednesday, May 3rd. Keefe, Bruyette & Woods decreased their price target on shares of TowneBank from $32.00 to $28.00 and set a “market perform” rating for the company in a research report on Thursday, April 6th. Finally, Piper Sandler decreased their price target on shares of TowneBank from $31.00 to $28.00 in a research report on Monday, May 1st. One analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $28.00.
TowneBank Trading Down 1.5 %
TowneBank (NASDAQ:TOWN – Get Rating) last issued its earnings results on Thursday, April 27th. The bank reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.05). The company had revenue of $224.16 million for the quarter, compared to the consensus estimate of $188.79 million. TowneBank had a return on equity of 10.21% and a net margin of 22.91%. Equities analysts expect that TowneBank will post 2.39 earnings per share for the current year.
TowneBank Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, April 12th. Investors of record on Thursday, March 30th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 4.07%. The ex-dividend date of this dividend was Wednesday, March 29th. TowneBank’s dividend payout ratio is presently 36.95%.
TowneBank engages in the provision of retail and commercial banking services to individuals and small and medium size businesses. It operates through the following segments: Banking, Realty, and Insurance. The Banking segment offers loan and deposit services to retail and commercial customers. The Realty segment focuses on the provision of residential real estate services and originations of a variety of mortgage loans.
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