Oppenheimer & Co. Inc. reduced its position in TowneBank (NASDAQ:TOWN – Get Rating) by 13.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,391 shares of the bank’s stock after selling 4,296 shares during the period. Oppenheimer & Co. Inc.’s holdings in TowneBank were worth $876,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of TOWN. Arizona State Retirement System boosted its holdings in TowneBank by 3.9% during the 4th quarter. Arizona State Retirement System now owns 19,495 shares of the bank’s stock worth $601,000 after acquiring an additional 733 shares during the last quarter. LPL Financial LLC boosted its holdings in TowneBank by 49.3% during the 4th quarter. LPL Financial LLC now owns 30,365 shares of the bank’s stock worth $936,000 after acquiring an additional 10,026 shares during the last quarter. Curi Wealth Management LLC purchased a new position in TowneBank during the 4th quarter worth $200,000. ProShare Advisors LLC boosted its holdings in TowneBank by 16.7% during the 4th quarter. ProShare Advisors LLC now owns 8,666 shares of the bank’s stock worth $267,000 after acquiring an additional 1,242 shares during the last quarter. Finally, Bank of Montreal Can boosted its holdings in TowneBank by 42.3% during the 4th quarter. Bank of Montreal Can now owns 10,662 shares of the bank’s stock worth $331,000 after acquiring an additional 3,170 shares during the last quarter. 52.75% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
TOWN has been the topic of a number of analyst reports. Keefe, Bruyette & Woods cut their price objective on shares of TowneBank from $32.00 to $28.00 and set a “market perform” rating on the stock in a report on Thursday, April 6th. Raymond James cut their price target on shares of TowneBank from $34.00 to $28.00 in a report on Wednesday, May 3rd. StockNews.com downgraded shares of TowneBank from a “hold” rating to a “sell” rating in a report on Friday, April 28th. 22nd Century Group reissued a “maintains” rating on shares of TowneBank in a report on Wednesday, May 3rd. Finally, Piper Sandler cut their price target on shares of TowneBank from $31.00 to $28.00 in a report on Monday, May 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $28.00.
TowneBank Price Performance
TowneBank (NASDAQ:TOWN – Get Rating) last announced its quarterly earnings data on Thursday, April 27th. The bank reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). TowneBank had a net margin of 22.91% and a return on equity of 10.21%. The firm had revenue of $224.16 million during the quarter, compared to the consensus estimate of $188.79 million. On average, equities research analysts forecast that TowneBank will post 2.39 earnings per share for the current year.
TowneBank Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 12th. Investors of record on Thursday, March 30th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date was Wednesday, March 29th. TowneBank’s dividend payout ratio is currently 36.95%.
TowneBank Company Profile
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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