Teacher Retirement System of Texas purchased a new position in shares of TowneBank (NASDAQ:TOWN) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 20,467 shares of the bank’s stock, valued at approximately $629,000.
A number of other institutional investors have also modified their holdings of the business. Opus Capital Group LLC acquired a new stake in TowneBank during the 4th quarter worth about $2,144,000. Schwab Charles Investment Management Inc. grew its holdings in TowneBank by 5.2% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 294,734 shares of the bank’s stock worth $9,064,000 after acquiring an additional 14,447 shares during the period. DAVENPORT & Co LLC grew its holdings in TowneBank by 6.7% during the 4th quarter. DAVENPORT & Co LLC now owns 43,148 shares of the bank’s stock worth $1,327,000 after acquiring an additional 2,698 shares during the period. California Public Employees Retirement System grew its holdings in TowneBank by 15.2% during the 3rd quarter. California Public Employees Retirement System now owns 140,659 shares of the bank’s stock worth $4,712,000 after acquiring an additional 18,566 shares during the period. Finally, Allianz Asset Management GmbH grew its holdings in TowneBank by 10.0% during the 3rd quarter. Allianz Asset Management GmbH now owns 26,081 shares of the bank’s stock worth $874,000 after acquiring an additional 2,362 shares during the period. Hedge funds and other institutional investors own 38.19% of the company’s stock.
A number of analysts have weighed in on TOWN shares. Zacks Investment Research upgraded TowneBank from a “sell” rating to a “hold” rating in a report on Thursday, December 28th. Piper Jaffray Companies reissued a “hold” rating and set a $35.00 price objective on shares of TowneBank in a research report on Tuesday, January 9th. Brean Capital reaffirmed a “hold” rating on shares of TowneBank in a research report on Monday, January 29th. BidaskClub cut shares of TowneBank from a “sell” rating to a “strong sell” rating in a research report on Friday, January 26th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $35.00 target price on shares of TowneBank in a research report on Friday, December 22nd. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. TowneBank currently has a consensus rating of “Hold” and an average price target of $34.25.
TowneBank (NASDAQ:TOWN) last issued its quarterly earnings results on Thursday, January 25th. The bank reported $0.37 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.01. TowneBank had a net margin of 17.77% and a return on equity of 8.73%. The company had revenue of $109.14 million during the quarter, compared to analyst estimates of $108.16 million. research analysts expect that TowneBank will post 1.98 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 10th. Stockholders of record on Thursday, March 29th will be paid a dividend of $0.14 per share. The ex-dividend date is Wednesday, March 28th. This represents a $0.56 annualized dividend and a dividend yield of 1.88%. TowneBank’s payout ratio is currently 39.72%.
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TowneBank is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three segments: Banking, Realty and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. The Realty segment provides residential real estate services, originations of a range of mortgage loans, resort property management, and residential and commercial title insurance.
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