Bay Capital Advisors LLC Purchases New Stake in TowneBank (NASDAQ:TOWN)

Bay Capital Advisors LLC bought a new stake in shares of TowneBank (NASDAQ:TOWN) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 19,646 shares of the bank’s stock, valued at approximately $669,000.

Other large investors also recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of TowneBank by 2.2% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 17,067 shares of the bank’s stock worth $581,000 after purchasing an additional 365 shares in the last quarter. Harbor Capital Advisors Inc. raised its holdings in TowneBank by 1.9% during the 4th quarter. Harbor Capital Advisors Inc. now owns 20,073 shares of the bank’s stock valued at $684,000 after acquiring an additional 383 shares during the period. Choreo LLC lifted its position in shares of TowneBank by 1.3% during the fourth quarter. Choreo LLC now owns 30,112 shares of the bank’s stock worth $1,033,000 after acquiring an additional 383 shares in the last quarter. Picton Mahoney Asset Management bought a new position in shares of TowneBank in the fourth quarter worth $28,000. Finally, KBC Group NV grew its position in shares of TowneBank by 28.2% in the fourth quarter. KBC Group NV now owns 3,858 shares of the bank’s stock valued at $131,000 after purchasing an additional 848 shares in the last quarter. Hedge funds and other institutional investors own 55.99% of the company’s stock.

TowneBank Price Performance

Shares of TOWN opened at $35.32 on Tuesday. TowneBank has a 1-year low of $25.70 and a 1-year high of $38.28. The company has a market capitalization of $2.65 billion, a P/E ratio of 16.43 and a beta of 0.88. The firm’s 50 day simple moving average is $35.56 and its 200 day simple moving average is $34.82.

TowneBank (NASDAQ:TOWN) last issued its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. On average, equities analysts anticipate that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend is Monday, March 31st. TowneBank’s dividend payout ratio is presently 46.51%.

Analyst Ratings Changes

Separately, Stephens reissued an “equal weight” rating and set a $41.00 price objective on shares of TowneBank in a report on Thursday, January 23rd.

TowneBank Company Profile

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.