Bay Capital Advisors LLC Purchases New Position in TowneBank (NASDAQ:TOWN)

Bay Capital Advisors LLC acquired a new position in TowneBank (NASDAQ:TOWN) in the 4th quarter, Holdings Channel reports. The firm acquired 19,646 shares of the bank’s stock, valued at approximately $669,000.

Several other large investors have also bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of TowneBank by 2.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 17,067 shares of the bank’s stock valued at $581,000 after purchasing an additional 365 shares during the period. Harbor Capital Advisors Inc. boosted its stake in TowneBank by 1.9% during the fourth quarter. Harbor Capital Advisors Inc. now owns 20,073 shares of the bank’s stock worth $684,000 after acquiring an additional 383 shares in the last quarter. Choreo LLC grew its holdings in TowneBank by 1.3% in the fourth quarter. Choreo LLC now owns 30,112 shares of the bank’s stock worth $1,033,000 after purchasing an additional 383 shares during the period. Picton Mahoney Asset Management bought a new position in shares of TowneBank during the fourth quarter valued at approximately $28,000. Finally, KBC Group NV boosted its position in shares of TowneBank by 28.2% in the 4th quarter. KBC Group NV now owns 3,858 shares of the bank’s stock worth $131,000 after purchasing an additional 848 shares in the last quarter. 55.99% of the stock is owned by institutional investors.

TowneBank Stock Performance

NASDAQ TOWN opened at $35.32 on Tuesday. The company has a market capitalization of $2.65 billion, a price-to-earnings ratio of 16.43 and a beta of 0.88. The stock has a 50-day moving average of $35.56 and a 200 day moving average of $34.82. TowneBank has a one year low of $25.70 and a one year high of $38.28.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. On average, equities analysts predict that TowneBank will post 2.6 earnings per share for the current fiscal year.

TowneBank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be paid a $0.25 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.83%. TowneBank’s dividend payout ratio (DPR) is presently 46.51%.

Analysts Set New Price Targets

Separately, Stephens reissued an “equal weight” rating and set a $41.00 price objective on shares of TowneBank in a research report on Thursday, January 23rd.

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.