Picton Mahoney Asset Management Invests $28,000 in TowneBank (NASDAQ:TOWN)

Picton Mahoney Asset Management purchased a new position in TowneBank (NASDAQ:TOWN) in the fourth quarter, Holdings Channel reports. The institutional investor purchased 826 shares of the bank’s stock, valued at approximately $28,000.

A number of other large investors have also recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. boosted its holdings 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 acquiring an additional 365 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in shares of TowneBank by 1.9% in the fourth quarter. Harbor Capital Advisors Inc. now owns 20,073 shares of the bank’s stock worth $684,000 after acquiring an additional 383 shares during the period. Choreo LLC boosted its holdings in shares of TowneBank by 1.3% in 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 during the period. First Western Trust Bank raised its position in shares of TowneBank by 4.3% in the third quarter. First Western Trust Bank now owns 18,123 shares of the bank’s stock worth $599,000 after buying an additional 745 shares in the last quarter. Finally, AMG National Trust Bank raised its position in shares of TowneBank by 1.6% in the third quarter. AMG National Trust Bank now owns 50,929 shares of the bank’s stock worth $1,684,000 after buying an additional 822 shares in the last quarter. 55.99% of the stock is owned by institutional investors.

TowneBank Stock Performance

Shares of TOWN stock opened at $34.81 on Tuesday. TowneBank has a 52-week low of $25.70 and a 52-week high of $38.28. The company has a market capitalization of $2.61 billion, a PE ratio of 16.19 and a beta of 0.88. The business’s fifty day moving average is $35.36 and its 200 day moving average is $34.80.

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

TowneBank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a yield of 2.87%. TowneBank’s payout ratio is 46.51%.

Analyst Ratings Changes

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

TowneBank 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.