Weather Gauge Advisory LLC Increases Stake in TowneBank (TOWN)
Weather Gauge Advisory LLC lifted its stake in TowneBank (NASDAQ:TOWN) by 2.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 51,335 shares of the bank’s stock after acquiring an additional 996 shares during the period. TowneBank accounts for about 1.2% of Weather Gauge Advisory LLC’s investment portfolio, making the stock its 27th largest position. Weather Gauge Advisory LLC’s holdings in TowneBank were worth $1,271,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of the stock. Norges Bank bought a new stake in shares of TowneBank during the fourth quarter valued at approximately $11,789,000. BlackRock Inc. boosted its stake in TowneBank by 5.3% in the 4th quarter. BlackRock Inc. now owns 4,830,176 shares of the bank’s stock valued at $115,682,000 after buying an additional 242,959 shares in the last quarter. Federated Investors Inc. PA boosted its stake in TowneBank by 7,156.9% in the 3rd quarter. Federated Investors Inc. PA now owns 162,410 shares of the bank’s stock valued at $5,010,000 after buying an additional 160,172 shares in the last quarter. Vanguard Group Inc boosted its stake in TowneBank by 2.7% in the 3rd quarter. Vanguard Group Inc now owns 5,624,397 shares of the bank’s stock valued at $173,513,000 after buying an additional 149,181 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in TowneBank by 2.7% in the 3rd quarter. Vanguard Group Inc. now owns 5,624,397 shares of the bank’s stock valued at $173,513,000 after buying an additional 149,181 shares in the last quarter. 45.44% of the stock is currently owned by institutional investors and hedge funds.
TowneBank stock traded down $0.21 on Monday, reaching $26.45. The company’s stock had a trading volume of 66,500 shares, compared to its average volume of 109,061. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.00 and a current ratio of 1.02. The firm has a market cap of $1.91 billion, a P/E ratio of 13.32 and a beta of 1.12. TowneBank has a twelve month low of $22.88 and a twelve month high of $33.85.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 10th. Shareholders of record on Friday, March 29th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date was Thursday, March 28th. TowneBank’s dividend payout ratio is currently 32.32%.
Several brokerages recently commented on TOWN. ValuEngine lowered TowneBank from a “hold” rating to a “sell” rating in a research note on Wednesday, January 2nd. BidaskClub lowered TowneBank from a “sell” rating to a “strong sell” rating in a research note on Friday, March 22nd. Brean Capital reissued a “hold” rating on shares of TowneBank in a research note on Friday, January 25th. Finally, Zacks Investment Research raised TowneBank from a “sell” rating to a “hold” rating in a research note on Wednesday, December 26th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. TowneBank has an average rating of “Hold” and an average target price of $34.00.
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TowneBank Company Profile
TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.
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