Salem Investment Counselors Inc. acquired a new position in shares of TowneBank (NASDAQ:TOWN – Free 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 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
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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