TowneBank (NASDAQ:TOWN) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank grew its position in TowneBank (NASDAQ:TOWNGet Rating) by 22.2% in the fourth quarter, HoldingsChannel reports. The fund owned 10,322 shares of the bank’s stock after acquiring an additional 1,873 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in TowneBank were worth $326,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of TOWN. SouthState Corp acquired a new position in shares of TowneBank in the third quarter worth about $72,000. Amundi Pioneer Asset Management Inc. acquired a new position in shares of TowneBank in the first quarter worth about $149,000. New York State Teachers Retirement System acquired a new position in shares of TowneBank in the third quarter worth about $177,000. Janus Henderson Group PLC acquired a new position in shares of TowneBank in the third quarter worth about $228,000. Finally, Inspire Investing LLC acquired a new position in shares of TowneBank during the 3rd quarter worth about $242,000. Institutional investors and hedge funds own 49.21% of the company’s stock.

Several research firms recently weighed in on TOWN. StockNews.com began coverage on shares of TowneBank in a research report on Thursday, March 31st. They set a “hold” rating for the company. Zacks Investment Research upgraded shares of TowneBank from a “hold” rating to a “strong-buy” rating and set a $36.00 price target for the company in a research report on Friday, February 4th.

TOWN opened at $28.99 on Friday. TowneBank has a twelve month low of $27.93 and a twelve month high of $34.79. The company has a 50-day moving average price of $30.30 and a 200 day moving average price of $31.43. The company has a market cap of $2.11 billion, a PE ratio of 9.79 and a beta of 0.99.

TowneBank (NASDAQ:TOWNGet Rating) last announced its quarterly earnings data on Thursday, January 27th. The bank reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.05). TowneBank had a net margin of 29.85% and a return on equity of 11.86%. The business had revenue of $160.42 million for the quarter, compared to analysts’ expectations of $160.24 million. As a group, sell-side analysts expect that TowneBank will post 2.38 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 8th. Investors of record on Wednesday, March 30th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, March 29th. This represents a $0.80 annualized dividend and a yield of 2.76%. TowneBank’s dividend payout ratio is presently 27.03%.

TowneBank Profile (Get Rating)

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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Institutional Ownership by Quarter for TowneBank (NASDAQ:TOWN)

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