TowneBank (NASDAQ:TOWN) Stock Holdings Cut by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its stake in shares of TowneBank (NASDAQ:TOWN) by 3.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,240 shares of the bank’s stock after selling 1,328 shares during the quarter. The Manufacturers Life Insurance Company owned 0.05% of TowneBank worth $1,337,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of TOWN. Wellington Management Group LLP bought a new stake in shares of TowneBank during the 4th quarter worth $22,894,000. Raymond James Financial Inc. bought a new stake in shares of TowneBank during the 4th quarter worth $14,122,000. T. Rowe Price Investment Management Inc. boosted its stake in shares of TowneBank by 5.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,344,673 shares of the bank’s stock worth $147,980,000 after acquiring an additional 210,521 shares in the last quarter. Lightrock Netherlands B.V. bought a new stake in shares of TowneBank during the 4th quarter worth $6,746,000. Finally, Norges Bank bought a new stake in shares of TowneBank during the 4th quarter worth $6,385,000. 55.99% of the stock is owned by institutional investors.

TowneBank Stock Up 2.7%

Shares of TowneBank stock opened at $34.77 on Tuesday. The stock has a market cap of $2.61 billion, a PE ratio of 16.17 and a beta of 0.79. The business has a fifty day simple moving average of $33.13 and a 200-day simple moving average of $34.57. TowneBank has a 12 month low of $25.70 and a 12 month high of $38.28.

TowneBank (NASDAQ:TOWN) last issued its earnings results on Wednesday, April 23rd. The bank reported $0.68 EPS for the quarter, topping the consensus estimate of $0.61 by $0.07. The business had revenue of $190.04 million during the quarter, compared to analysts’ expectations of $191.29 million. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. TowneBank’s revenue was up 14.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.48 earnings per share. Analysts expect that TowneBank will post 2.6 EPS for the current fiscal year.

TowneBank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Monday, March 31st were issued a dividend of $0.25 per share. The ex-dividend date was Monday, March 31st. This represents a $1.00 annualized dividend and a yield of 2.88%. TowneBank’s dividend payout ratio (DPR) is currently 42.37%.

Analysts Set New Price Targets

Several research firms have recently weighed in on TOWN. Hovde Group raised their price objective on TowneBank from $38.00 to $39.00 and gave the stock an “outperform” rating in a research note on Monday, April 28th. Stephens reaffirmed an “equal weight” rating and issued a $41.00 target price on shares of TowneBank in a research report on Thursday, January 23rd.

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.