MetLife Investment Advisors LLC boosted its position in shares of TowneBank (NASDAQ:TOWN) by 9.4% in the second quarter, Holdings Channel reports. The fund owned 30,317 shares of the bank’s stock after acquiring an additional 2,606 shares during the period. MetLife Investment Advisors LLC’s holdings in TowneBank were worth $973,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently added to or reduced their stakes in the company. ACG Wealth acquired a new position in TowneBank during the 2nd quarter worth $203,000. SG Americas Securities LLC lifted its position in TowneBank by 89.3% during the 1st quarter. SG Americas Securities LLC now owns 8,442 shares of the bank’s stock worth $241,000 after acquiring an additional 3,983 shares during the last quarter. Principal Financial Group Inc. acquired a new position in TowneBank during the 1st quarter worth $290,000. Xact Kapitalforvaltning AB lifted its position in TowneBank by 70.3% during the 1st quarter. Xact Kapitalforvaltning AB now owns 11,388 shares of the bank’s stock worth $326,000 after acquiring an additional 4,700 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in TowneBank by 67.5% during the 1st quarter. Victory Capital Management Inc. now owns 13,195 shares of the bank’s stock worth $377,000 after acquiring an additional 5,317 shares during the last quarter. 44.17% of the stock is owned by hedge funds and other institutional investors.
NASDAQ:TOWN opened at $30.70 on Thursday. TowneBank has a 52-week low of $27.85 and a 52-week high of $35.30. The company has a current ratio of 1.01, a quick ratio of 0.97 and a debt-to-equity ratio of 0.60. The stock has a market cap of $2.26 billion, a PE ratio of 19.68 and a beta of 0.89.
TowneBank (NASDAQ:TOWN) last posted its quarterly earnings data on Friday, July 27th. The bank reported $0.49 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.49. TowneBank had a net margin of 18.11% and a return on equity of 9.46%. The company had revenue of $137.06 million for the quarter, compared to the consensus estimate of $133.65 million. research analysts expect that TowneBank will post 2.04 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 10th. Stockholders of record on Friday, September 28th will be issued a dividend of $0.16 per share. The ex-dividend date is Thursday, September 27th. This represents a $0.64 annualized dividend and a dividend yield of 2.08%. TowneBank’s payout ratio is 41.03%.
TOWN has been the subject of a number of research analyst reports. BidaskClub raised shares of TowneBank from a “hold” rating to a “buy” rating in a research report on Wednesday, June 6th. Zacks Investment Research downgraded shares of TowneBank from a “buy” rating to a “hold” rating in a report on Thursday, June 28th. Brean Capital restated a “hold” rating on shares of TowneBank in a report on Tuesday, July 10th. Finally, Piper Jaffray Companies set a $34.00 price objective on shares of TowneBank and gave the stock a “hold” rating in a report on Monday, July 30th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $34.50.
TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.
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