BNP Paribas Financial Markets Purchases 4,931 Shares of TowneBank (NASDAQ:TOWN)

BNP Paribas Financial Markets lifted its position in shares of TowneBank (NASDAQ:TOWN) by 33.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,712 shares of the bank’s stock after buying an additional 4,931 shares during the quarter. BNP Paribas Financial Markets’ holdings in TowneBank were worth $652,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in TOWN. Victory Capital Management Inc. increased its holdings in TowneBank by 7,668.0% during the third quarter. Victory Capital Management Inc. now owns 1,974,871 shares of the bank’s stock valued at $65,289,000 after buying an additional 1,949,448 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of TowneBank by 2.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,269,588 shares of the bank’s stock valued at $116,431,000 after acquiring an additional 119,459 shares during the period. Cubist Systematic Strategies LLC increased its holdings in shares of TowneBank by 315.8% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 95,407 shares of the bank’s stock valued at $2,602,000 after acquiring an additional 72,464 shares during the period. Quest Partners LLC raised its position in shares of TowneBank by 5,296,900.0% in the 2nd quarter. Quest Partners LLC now owns 52,970 shares of the bank’s stock worth $1,444,000 after acquiring an additional 52,969 shares in the last quarter. Finally, Deprince Race & Zollo Inc. lifted its stake in shares of TowneBank by 30.1% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 184,376 shares of the bank’s stock worth $5,028,000 after purchasing an additional 42,641 shares during the last quarter. Hedge funds and other institutional investors own 55.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods raised shares of TowneBank from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $35.00 to $40.00 in a report on Wednesday, October 2nd.

TowneBank Trading Down 1.9 %

NASDAQ:TOWN opened at $36.54 on Friday. The stock has a 50 day moving average of $34.96 and a two-hundred day moving average of $32.14. TowneBank has a 12 month low of $25.70 and a 12 month high of $38.28. The firm has a market cap of $2.74 billion, a P/E ratio of 18.36 and a beta of 0.91.

TowneBank (NASDAQ:TOWN) last issued its earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.02. The company had revenue of $258.86 million during the quarter, compared to analysts’ expectations of $179.80 million. TowneBank had a return on equity of 7.32% and a net margin of 14.89%. During the same period in the prior year, the business earned $0.60 EPS. On average, research analysts forecast that TowneBank will post 2.07 earnings per share for the current year.

TowneBank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend is Tuesday, December 31st. TowneBank’s dividend payout ratio (DPR) is 50.25%.

TowneBank Company 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.