Rhumbline Advisers Acquires 3,113 Shares of Towne Bank (TOWN)
Rhumbline Advisers increased its holdings in shares of Towne Bank (NASDAQ:TOWN) by 4.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 72,860 shares of the bank’s stock after purchasing an additional 3,113 shares during the period. Rhumbline Advisers owned 0.12% of Towne Bank worth $2,244,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of TOWN. BlackRock Inc. boosted its stake in Towne Bank by 26,978.6% during the 1st quarter. BlackRock Inc. now owns 3,590,628 shares of the bank’s stock worth $116,335,000 after purchasing an additional 3,577,368 shares during the period. Vanguard Group Inc. boosted its stake in Towne Bank by 37.9% during the 1st quarter. Vanguard Group Inc. now owns 4,410,969 shares of the bank’s stock worth $142,915,000 after purchasing an additional 1,212,011 shares during the period. Dimensional Fund Advisors LP boosted its stake in Towne Bank by 8.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,735,228 shares of the bank’s stock worth $56,222,000 after purchasing an additional 131,487 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in Towne Bank by 153.3% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 161,358 shares of the bank’s stock worth $5,228,000 after purchasing an additional 97,644 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in Towne Bank by 8.2% during the 1st quarter. Renaissance Technologies LLC now owns 716,687 shares of the bank’s stock worth $23,221,000 after purchasing an additional 54,500 shares during the period. Hedge funds and other institutional investors own 42.34% of the company’s stock.
A number of analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Towne Bank from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research note on Wednesday, July 5th. BidaskClub upgraded shares of Towne Bank from a “sell” rating to a “hold” rating in a research note on Saturday, July 1st.
Shares of Towne Bank (NASDAQ:TOWN) opened at 31.25 on Thursday. Towne Bank has a 52 week low of $22.51 and a 52 week high of $34.55. The firm has a market cap of $1.94 billion, a PE ratio of 21.40 and a beta of 0.98. The company’s 50-day moving average is $30.82 and its 200-day moving average is $31.13.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 12th. Shareholders of record on Friday, September 29th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.56 annualized dividend and a yield of 1.79%. Towne Bank’s payout ratio is 38.10%.
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About Towne Bank
TowneBank is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three segments: Banking, Realty and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. The Realty segment provides residential real estate services, originations of a range of mortgage loans, resort property management, and residential and commercial title insurance.
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