Redmond Asset Management LLC Takes Position in TowneBank (NASDAQ:TOWN)

Redmond Asset Management LLC acquired a new stake in shares of TowneBank (NASDAQ:TOWN) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 13,607 shares of the bank’s stock, valued at approximately $463,000.

Several other institutional investors and hedge funds have also recently modified their holdings of TOWN. Victory Capital Management Inc. grew its stake in TowneBank by 7,668.0% during the third quarter. Victory Capital Management Inc. now owns 1,974,871 shares of the bank’s stock valued at $65,289,000 after acquiring an additional 1,949,448 shares in the last quarter. Lightrock Netherlands B.V. purchased a new position in TowneBank during the fourth quarter valued at $6,746,000. De Lisle Partners LLP grew its stake in TowneBank by 192.3% during the third quarter. De Lisle Partners LLP now owns 116,625 shares of the bank’s stock valued at $3,856,000 after acquiring an additional 76,731 shares in the last quarter. Barclays PLC grew its stake in TowneBank by 90.8% during the third quarter. Barclays PLC now owns 143,914 shares of the bank’s stock valued at $4,758,000 after acquiring an additional 68,479 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in TowneBank by 16.1% during the third quarter. JPMorgan Chase & Co. now owns 361,960 shares of the bank’s stock valued at $11,966,000 after acquiring an additional 50,149 shares in the last quarter. 55.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, 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.

TowneBank Stock Down 2.2 %

Shares of NASDAQ:TOWN opened at $36.20 on Friday. TowneBank has a 52 week low of $25.70 and a 52 week high of $38.28. The stock has a market capitalization of $2.72 billion, a P/E ratio of 16.84 and a beta of 0.93. The firm has a fifty day simple moving average of $35.11 and a two-hundred day simple moving average of $34.50.

TowneBank (NASDAQ:TOWN) last issued its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. On average, analysts expect that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st were paid a $0.25 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.76%. TowneBank’s payout ratio is currently 46.51%.

TowneBank 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.