197,096 Shares in TowneBank (NASDAQ:TOWN) Acquired by Lightrock Netherlands B.V.

Lightrock Netherlands B.V. acquired a new stake in TowneBank (NASDAQ:TOWN) during the fourth quarter, HoldingsChannel reports. The fund acquired 197,096 shares of the bank’s stock, valued at approximately $6,746,000. TowneBank comprises about 2.4% of Lightrock Netherlands B.V.’s investment portfolio, making the stock its 21st largest holding.

A number of other institutional investors have also recently bought and sold shares of TOWN. JPMorgan Chase & Co. lifted its stake in TowneBank by 16.1% in the third quarter. JPMorgan Chase & Co. now owns 361,960 shares of the bank’s stock valued at $11,966,000 after buying an additional 50,149 shares during the period. Geode Capital Management LLC increased its stake in shares of TowneBank by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,685,643 shares of the bank’s stock valued at $55,738,000 after acquiring an additional 18,929 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of TowneBank in the 3rd quarter valued at about $516,000. Arbor Investment Advisors LLC bought a new position in TowneBank during the 3rd quarter worth approximately $577,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in TowneBank by 0.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 839,050 shares of the bank’s stock valued at $27,739,000 after purchasing an additional 7,738 shares during the period. Institutional investors and hedge funds own 55.99% of the company’s stock.

Analysts Set New Price Targets

Separately, Stephens reiterated an “equal weight” rating and issued a $41.00 target price on shares of TowneBank in a report on Thursday, January 23rd.

TowneBank Price Performance

Shares of TowneBank stock opened at $36.69 on Tuesday. The company has a market capitalization of $2.75 billion, a P/E ratio of 17.07 and a beta of 0.93. The business has a 50-day moving average of $35.11 and a two-hundred day moving average of $34.24. TowneBank has a 1 year low of $25.70 and a 1 year high of $38.28.

TowneBank (NASDAQ:TOWN) last posted its 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 return on equity of 7.77% and a net margin of 15.77%. On average, equities analysts anticipate that TowneBank will post 2.6 EPS for the current fiscal year.

TowneBank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st were issued a dividend of $0.25 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.73%. TowneBank’s payout ratio is 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.