Cibc World Markets Corp Takes Position in TowneBank (NASDAQ:TOWN)

Cibc World Markets Corp purchased a new position in TowneBank (NASDAQ:TOWN) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 6,578 shares of the bank’s stock, valued at approximately $224,000.

Several other large investors also recently added to or reduced their stakes in the stock. Picton Mahoney Asset Management purchased a new stake in shares of TowneBank in the fourth quarter valued at $28,000. Salem Investment Counselors Inc. bought a new position in TowneBank during the 4th quarter valued at about $34,000. Blue Trust Inc. raised its position in TowneBank by 258.5% in the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank’s stock worth $47,000 after purchasing an additional 1,034 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in TowneBank in the third quarter worth about $73,000. Finally, KBC Group NV boosted its position in shares of TowneBank by 28.2% during the fourth quarter. KBC Group NV now owns 3,858 shares of the bank’s stock valued at $131,000 after buying an additional 848 shares during the period. 55.99% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

TowneBank Stock Up 0.4 %

Shares of NASDAQ:TOWN opened at $35.17 on Thursday. The business’s 50 day moving average is $35.62 and its 200 day moving average is $34.83. The stock has a market cap of $2.64 billion, a P/E ratio of 16.36 and a beta of 0.88. TowneBank has a 52-week low of $25.70 and a 52-week high of $38.28.

TowneBank (NASDAQ:TOWN) last announced 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 return on equity of 7.77% and a net margin of 15.77%. On average, sell-side analysts anticipate that TowneBank will post 2.6 EPS for the current fiscal year.

TowneBank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be given a $0.25 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.84%. TowneBank’s payout ratio is presently 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.