Guggenheim Capital LLC Has $4.05 Million Stock Holdings in TowneBank (NASDAQ:TOWN)

Guggenheim Capital LLC lifted its position in shares of TowneBank (NASDAQ:TOWN) by 10.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 118,781 shares of the bank’s stock after buying an additional 11,345 shares during the quarter. Guggenheim Capital LLC’s holdings in TowneBank were worth $4,046,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of TOWN. Picton Mahoney Asset Management acquired a new stake in TowneBank in the 4th quarter worth about $28,000. Salem Investment Counselors Inc. bought a new position in shares of TowneBank during the fourth quarter worth approximately $34,000. Blue Trust Inc. raised its position in shares of TowneBank by 258.5% in the fourth quarter. Blue Trust Inc. now owns 1,434 shares of the bank’s stock valued at $47,000 after buying an additional 1,034 shares in the last quarter. Sterling Capital Management LLC boosted its stake in shares of TowneBank by 807.8% in the fourth quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank’s stock valued at $75,000 after buying an additional 1,971 shares during the period. Finally, Federated Hermes Inc. acquired a new stake in TowneBank during the fourth quarter worth approximately $82,000. Institutional investors own 55.99% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on TOWN shares. Hovde Group raised TowneBank from a “market perform” rating to an “outperform” rating and dropped their price objective for the company from $39.00 to $38.00 in a report on Friday, April 4th. Stephens restated an “equal weight” rating and issued a $41.00 price target on shares of TowneBank in a research report on Thursday, January 23rd.

TowneBank Price Performance

Shares of TOWN opened at $31.80 on Friday. The firm has a 50 day simple moving average of $34.19 and a two-hundred day simple moving average of $34.61. The company has a market cap of $2.39 billion, a P/E ratio of 14.79 and a beta of 0.79. 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 return on equity of 7.77% and a net margin of 15.77%. On average, analysts expect that TowneBank will post 2.6 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Monday, March 31st were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date was Monday, March 31st. TowneBank’s dividend payout ratio is 46.51%.

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.