LSV Asset Management lowered its stake in shares of TowneBank (NASDAQ:TOWN – Free Report) by 15.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 353,323 shares of the bank’s stock after selling 63,900 shares during the period. LSV Asset Management’s holdings in TowneBank were worth $10,515,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its position in shares of TowneBank by 41.4% during the fourth quarter. Victory Capital Management Inc. now owns 265,062 shares of the bank’s stock worth $7,888,000 after buying an additional 77,621 shares during the period. Cary Street Partners Investment Advisory LLC grew its position in TowneBank by 150.3% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 64,438 shares of the bank’s stock valued at $2,036,000 after acquiring an additional 38,696 shares in the last quarter. Choreo LLC purchased a new stake in TowneBank during the fourth quarter worth about $558,000. Russell Investments Group Ltd. lifted its position in shares of TowneBank by 11.0% during the fourth quarter. Russell Investments Group Ltd. now owns 94,398 shares of the bank’s stock worth $2,809,000 after purchasing an additional 9,360 shares in the last quarter. Finally, Signature Estate & Investment Advisors LLC purchased a new position in shares of TowneBank in the fourth quarter valued at approximately $200,000. Institutional investors and hedge funds own 55.99% of the company’s stock.
TowneBank Stock Performance
Shares of TowneBank stock opened at $27.11 on Wednesday. The business has a 50-day simple moving average of $26.98 and a 200-day simple moving average of $27.36. The company has a market cap of $1.97 billion, a PE ratio of 13.49 and a beta of 0.89. TowneBank has a one year low of $21.22 and a one year high of $31.08. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 0.88.
TowneBank Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.69%. The ex-dividend date was Wednesday, March 27th. TowneBank’s payout ratio is 49.75%.
Analyst Ratings Changes
Separately, StockNews.com downgraded shares of TowneBank from a “hold” rating to a “sell” rating in a research note on Thursday, February 8th.
Check Out Our Latest Report on TOWN
About TowneBank
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.
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