CIBC Private Wealth Group LLC Reduces Stock Position in TowneBank (NASDAQ:TOWN)

CIBC Private Wealth Group LLC reduced its position in shares of TowneBank (NASDAQ:TOWN) by 81.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 840 shares of the bank’s stock after selling 3,774 shares during the period. CIBC Private Wealth Group LLC’s holdings in TowneBank were worth $28,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. raised its stake in 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 buying an additional 365 shares in the last quarter. Harbor Capital Advisors Inc. raised its stake in 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 buying an additional 383 shares in the last quarter. Choreo LLC raised its stake in 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 buying an additional 383 shares in the last quarter. Picton Mahoney Asset Management bought a new position in TowneBank in the fourth quarter worth about $28,000. Finally, KBC Group NV raised its stake in TowneBank by 28.2% in the fourth quarter. KBC Group NV now owns 3,858 shares of the bank’s stock worth $131,000 after buying an additional 848 shares in the last quarter. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

TowneBank Trading Up 4.0 %

Shares of TOWN stock opened at $31.63 on Thursday. The firm’s 50 day moving average is $34.94 and its 200 day moving average is $34.70. The stock has a market capitalization of $2.37 billion, a P/E ratio of 14.71 and a beta of 0.79. TowneBank has a 12-month low of $25.70 and a 12-month high of $38.28.

TowneBank (NASDAQ:TOWN) last issued its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.55 earnings per share for the quarter, topping 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%. As a group, equities analysts predict that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be issued a $0.25 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a yield of 3.16%. TowneBank’s dividend payout ratio is currently 46.51%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on TOWN. Hovde Group raised shares of TowneBank from a “market perform” rating to an “outperform” rating and decreased their price target for the stock from $39.00 to $38.00 in a research note on Friday, April 4th. Stephens reaffirmed an “equal weight” rating and set a $41.00 target price on shares of TowneBank in a research note on Thursday, January 23rd.

About TowneBank

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.