Oak Harbor Wealth Partners LLC increased its position in shares of TowneBank (NASDAQ:TOWN – Free Report) by 7.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,408 shares of the bank’s stock after buying an additional 549 shares during the period. Oak Harbor Wealth Partners LLC’s holdings in TowneBank were worth $229,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of TOWN. Norges Bank acquired a new position in shares of TowneBank during the fourth quarter valued at about $10,851,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of TowneBank during the first quarter valued at about $4,907,000. Dimensional Fund Advisors LP raised its holdings in shares of TowneBank by 4.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,036,878 shares of the bank’s stock valued at $120,140,000 after purchasing an additional 162,347 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of TowneBank by 92.5% during the first quarter. Russell Investments Group Ltd. now owns 181,730 shares of the bank’s stock valued at $5,099,000 after purchasing an additional 87,332 shares during the period. Finally, Victory Capital Management Inc. raised its holdings 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 valued at $7,888,000 after purchasing an additional 77,621 shares during the period. Institutional investors own 55.99% of the company’s stock.
TowneBank Stock Performance
NASDAQ TOWN traded up $0.48 on Friday, hitting $32.79. The stock had a trading volume of 194,623 shares, compared to its average volume of 339,855. TowneBank has a 52-week low of $21.63 and a 52-week high of $33.97. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of 16.31 and a beta of 0.90. The firm has a 50-day moving average of $29.45 and a 200-day moving average of $27.95.
TowneBank Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend was Friday, June 28th. TowneBank’s dividend payout ratio is presently 49.75%.
Analyst Upgrades and Downgrades
Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upped their price objective on shares of TowneBank from $30.00 to $35.00 and gave the company a “market perform” rating in a report on Monday, July 29th. StockNews.com raised shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th.
Read Our Latest Report on TowneBank
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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