Signature Estate & Investment Advisors LLC Invests $222,000 in TowneBank (NASDAQ:TOWN)

Signature Estate & Investment Advisors LLC purchased a new stake in TowneBank (NASDAQ:TOWN) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 6,727 shares of the bank’s stock, valued at approximately $222,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Innealta Capital LLC acquired a new stake in TowneBank in the 2nd quarter valued at about $62,000. Point72 DIFC Ltd acquired a new stake in shares of TowneBank in the second quarter valued at approximately $73,000. KBC Group NV bought a new position in TowneBank in the 3rd quarter worth approximately $100,000. EMC Capital Management lifted its holdings in TowneBank by 230.4% during the 1st quarter. EMC Capital Management now owns 5,703 shares of the bank’s stock worth $160,000 after buying an additional 3,977 shares in the last quarter. Finally, Bessemer Group Inc. lifted its holdings in TowneBank by 45.2% during the 1st quarter. Bessemer Group Inc. now owns 6,817 shares of the bank’s stock worth $191,000 after buying an additional 2,121 shares in the last quarter. Institutional investors and hedge funds own 55.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods upgraded TowneBank from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $35.00 to $40.00 in a research report on Wednesday, October 2nd. StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th.

TowneBank Stock Down 0.1 %

Shares of NASDAQ TOWN opened at $35.21 on Friday. TowneBank has a twelve month low of $25.70 and a twelve month high of $36.67. The company’s fifty day moving average is $33.74 and its 200-day moving average is $30.96. The stock has a market cap of $2.64 billion, a price-to-earnings ratio of 17.69 and a beta of 0.89.

TowneBank (NASDAQ:TOWN) last posted its earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02. The firm had revenue of $258.86 million during the quarter, compared to analysts’ expectations of $179.80 million. TowneBank had a return on equity of 7.41% and a net margin of 14.89%. During the same period in the previous year, the firm earned $0.60 earnings per share. On average, research analysts anticipate that TowneBank will post 2.07 EPS for the current fiscal year.

TowneBank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 2.84%. TowneBank’s dividend payout ratio (DPR) is currently 50.25%.

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.