TowneBank (NASDAQ:TOWN) Shares Acquired by Swiss National Bank

Posted by on May 19th, 2023

Swiss National Bank increased its stake in shares of TowneBank (NASDAQ:TOWN – Get Rating) by 1.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 166,815 shares of the bank’s stock after purchasing an additional 3,100 shares during the period. Swiss National Bank owned 0.23% of TowneBank worth $5,145,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Sargent Bickham Lagudis LLC acquired a new position in shares of TowneBank during the fourth quarter valued at approximately $25,000. CWM LLC raised its stake in TowneBank by 285.7% in the 4th quarter. CWM LLC now owns 1,049 shares of the bank’s stock valued at $32,000 after purchasing an additional 777 shares during the last quarter. Great West Life Assurance Co. Can purchased a new position in TowneBank in the 3rd quarter valued at $107,000. Quantbot Technologies LP acquired a new stake in TowneBank during the 1st quarter worth $123,000. Finally, Federated Hermes Inc. acquired a new stake in TowneBank during the 1st quarter worth $128,000. 52.75% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TOWN has been the topic of several research reports. Raymond James decreased their price target on shares of TowneBank from $34.00 to $28.00 in a research note on Wednesday, May 3rd. 22nd Century Group reaffirmed a “maintains” rating on shares of TowneBank in a report on Wednesday, May 3rd. Keefe, Bruyette & Woods lowered their price objective on TowneBank from $32.00 to $28.00 and set a “market perform” rating on the stock in a research note on Thursday, April 6th. Piper Sandler dropped their target price on TowneBank from $31.00 to $28.00 in a report on Monday, May 1st. Finally, StockNews.com assumed coverage on TowneBank in a report on Thursday. They set a “sell” rating on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, TowneBank currently has an average rating of “Hold” and a consensus target price of $28.00.

TowneBank Trading Up 0.1 %

TOWN opened at $22.93 on Friday. The stock has a market capitalization of $1.67 billion, a PE ratio of 9.21 and a beta of 0.95. TowneBank has a one year low of $21.22 and a one year high of $33.42. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.87 and a current ratio of 0.88. The business’s 50 day moving average price is $24.98 and its 200 day moving average price is $28.98.

TowneBank (NASDAQ:TOWN – Get Rating) last released its quarterly earnings results on Thursday, April 27th. The bank reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). The business had revenue of $224.16 million for the quarter, compared to analysts’ expectations of $188.79 million. TowneBank had a return on equity of 10.21% and a net margin of 22.91%. As a group, equities research analysts expect that TowneBank will post 2.39 EPS for the current year.

TowneBank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 12th. Stockholders of record on Thursday, March 30th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date of this dividend was Wednesday, March 29th. TowneBank’s dividend payout ratio (DPR) is 36.95%.

TowneBank Company Profile

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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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Institutional Ownership by Quarter for TowneBank (NASDAQ:TOWN)

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