Royce & Associates LP Buys 52,236 Shares of TowneBank (NASDAQ:TOWN)

Royce & Associates LP raised its stake in TowneBank (NASDAQ:TOWN) by 10.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 538,053 shares of the bank’s stock after purchasing an additional 52,236 shares during the period. Royce & Associates LP owned 0.72% of TowneBank worth $18,326,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Picton Mahoney Asset Management bought a new stake in TowneBank in the 4th quarter valued at about $28,000. Swiss National Bank increased its holdings in shares of TowneBank by 0.7% during the fourth quarter. Swiss National Bank now owns 147,115 shares of the bank’s stock valued at $5,011,000 after acquiring an additional 1,000 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of TowneBank by 2.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 17,067 shares of the bank’s stock worth $581,000 after purchasing an additional 365 shares during the period. Raymond James Financial Inc. bought a new position in shares of TowneBank in the 4th quarter worth $14,122,000. Finally, Victory Capital Management Inc. grew its position in TowneBank by 9.1% in the 4th quarter. Victory Capital Management Inc. now owns 2,155,201 shares of the bank’s stock valued at $73,406,000 after purchasing an additional 180,330 shares during the period. Institutional investors and hedge funds own 55.99% of the company’s stock.

TowneBank Stock Performance

Shares of TOWN opened at $34.53 on Monday. TowneBank has a 52 week low of $25.70 and a 52 week high of $38.28. The stock has a 50 day moving average price of $35.34 and a two-hundred day moving average price of $34.79. The firm has a market capitalization of $2.59 billion, a P/E ratio of 16.06 and a beta of 0.88.

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

TowneBank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date is Monday, March 31st. TowneBank’s payout ratio is 46.51%.

Analysts Set New Price Targets

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

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.