Corebridge Financial Inc. Sells 2,639 Shares of TowneBank (NASDAQ:TOWN)

Corebridge Financial Inc. cut its position in TowneBank (NASDAQ:TOWN) by 7.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,947 shares of the bank’s stock after selling 2,639 shares during the period. Corebridge Financial Inc.’s holdings in TowneBank were worth $1,190,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its position 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 purchasing an additional 50,149 shares during the last quarter. Geode Capital Management LLC increased its position in shares of TowneBank by 1.1% during the third quarter. Geode Capital Management LLC now owns 1,685,643 shares of the bank’s stock worth $55,738,000 after acquiring an additional 18,929 shares during the period. Teacher Retirement System of Texas raised its position in TowneBank by 31.5% during the 4th quarter. Teacher Retirement System of Texas now owns 34,790 shares of the bank’s stock valued at $1,185,000 after purchasing an additional 8,335 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of TowneBank by 10.5% in the third quarter. Jane Street Group LLC now owns 74,965 shares of the bank’s stock valued at $2,478,000 after acquiring an additional 7,137 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in TowneBank by 258.5% during the fourth quarter. Blue Trust Inc. now owns 1,434 shares of the bank’s stock worth $47,000 after buying an additional 1,034 shares during the period. Hedge funds and other institutional investors own 55.99% of the company’s stock.

Analyst Ratings Changes

TOWN has been the subject of a number of research analyst reports. Hovde Group raised shares of TowneBank from a “market perform” rating to an “outperform” rating and decreased their price target for the stock from $39.00 to $38.00 in a report on Friday. Stephens reiterated an “equal weight” rating and set a $41.00 price target on shares of TowneBank in a research report on Thursday, January 23rd.

TowneBank Price Performance

Shares of TowneBank stock opened at $30.61 on Friday. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of 14.24 and a beta of 0.79. The firm’s fifty day simple moving average is $35.45 and its 200-day simple moving average is $34.82. TowneBank has a 12 month low of $25.70 and a 12 month high of $38.28.

TowneBank (NASDAQ:TOWN) last issued its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.55 earnings per share (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%. Analysts anticipate that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date of this dividend is Monday, March 31st. 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.