Connor Clark & Lunn Investment Management Ltd. Has $581,000 Position in TowneBank (NASDAQ:TOWN)

Connor Clark & Lunn Investment Management Ltd. grew its position in TowneBank (NASDAQ:TOWN) by 2.2% during the 4th quarter, HoldingsChannel reports. The firm owned 17,067 shares of the bank’s stock after purchasing an additional 365 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in TowneBank were worth $581,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Salem Investment Counselors Inc. bought a new stake in shares of TowneBank during the fourth quarter worth $34,000. Blue Trust Inc. grew its holdings in shares of TowneBank by 258.5% in the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank’s stock valued at $47,000 after acquiring an additional 1,034 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of TowneBank in the third quarter valued at about $73,000. KBC Group NV bought a new stake in TowneBank during the third quarter worth about $100,000. Finally, FMR LLC boosted its position in TowneBank by 137.8% during the third quarter. FMR LLC now owns 4,882 shares of the bank’s stock valued at $161,000 after purchasing an additional 2,829 shares during the last quarter. 55.99% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

TowneBank Stock Down 0.8 %

Shares of NASDAQ:TOWN opened at $34.47 on Friday. The stock has a market cap of $2.59 billion, a PE ratio of 16.03 and a beta of 0.88. TowneBank has a 12-month low of $25.70 and a 12-month high of $38.28. The business has a 50 day moving average of $35.50 and a 200-day moving average of $34.80.

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

TowneBank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders 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 dividend yield of 2.90%. TowneBank’s payout ratio is 46.51%.

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.