Salem Investment Counselors Inc. Purchases New Shares in TowneBank (NASDAQ:TOWN)

Salem Investment Counselors Inc. acquired a new position in shares of TowneBank (NASDAQ:TOWNFree Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,000 shares of the bank’s stock, valued at approximately $34,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its stake in shares of TowneBank by 16.1% during the third quarter. JPMorgan Chase & Co. now owns 361,960 shares of the bank’s stock worth $11,966,000 after purchasing an additional 50,149 shares in the last quarter. Geode Capital Management LLC increased its stake in TowneBank by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,685,643 shares of the bank’s stock worth $55,738,000 after buying an additional 18,929 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of TowneBank during the third quarter valued at approximately $516,000. Edgestream Partners L.P. lifted its position in shares of TowneBank by 224.3% in the second quarter. Edgestream Partners L.P. now owns 47,995 shares of the bank’s stock valued at $1,309,000 after acquiring an additional 33,195 shares in the last quarter. Finally, Arbor Investment Advisors LLC purchased a new position in shares of TowneBank in the third quarter valued at approximately $577,000. 55.99% of the stock is owned by hedge funds and other institutional investors.

TowneBank Trading Up 3.6 %

NASDAQ:TOWN opened at $33.47 on Wednesday. The company has a market cap of $2.51 billion, a P/E ratio of 16.82 and a beta of 0.93. TowneBank has a twelve month low of $25.70 and a twelve month high of $38.28. The company’s 50-day moving average price is $35.24 and its 200-day moving average price is $33.39.

TowneBank (NASDAQ:TOWNGet Free Report) last released its earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. The business had revenue of $258.86 million for the quarter, compared to analyst estimates of $179.80 million. TowneBank had a net margin of 14.89% and a return on equity of 7.32%. During the same period last year, the company posted $0.60 EPS. On average, analysts expect that TowneBank will post 2.07 earnings per share for the current year.

TowneBank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend was Tuesday, December 31st. TowneBank’s payout ratio is currently 50.25%.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods upgraded TowneBank from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $35.00 to $40.00 in a research report on Wednesday, October 2nd.

Check Out Our Latest Research Report on TOWN

About TowneBank

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding TOWN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TowneBank (NASDAQ:TOWNFree Report).

Institutional Ownership by Quarter for TowneBank (NASDAQ:TOWN)

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.