Towne Bank (TOWN) Holdings Boosted by Schwab Charles Investment Management Inc.
Schwab Charles Investment Management Inc. boosted its holdings in Towne Bank (NASDAQ:TOWN) by 1.4% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 248,003 shares of the bank’s stock after buying an additional 3,522 shares during the quarter. Schwab Charles Investment Management Inc. owned 0.40% of Towne Bank worth $7,639,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the business. TD Asset Management Inc. raised its position in Towne Bank by 19.7% in the 2nd quarter. TD Asset Management Inc. now owns 36,400 shares of the bank’s stock worth $1,121,000 after buying an additional 6,000 shares during the last quarter. Stratos Wealth Partners LTD. grew its stake in shares of Towne Bank by 5.4% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 12,427 shares of the bank’s stock valued at $383,000 after purchasing an additional 634 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Towne Bank by 9.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 30,178 shares of the bank’s stock valued at $930,000 after purchasing an additional 2,728 shares during the period. US Bancorp DE grew its stake in shares of Towne Bank by 1,216.4% during the 2nd quarter. US Bancorp DE now owns 5,055 shares of the bank’s stock valued at $156,000 after purchasing an additional 4,671 shares during the period. Finally, Aldebaran Financial Inc. grew its stake in shares of Towne Bank by 0.4% during the 1st quarter. Aldebaran Financial Inc. now owns 9,035 shares of the bank’s stock valued at $293,000 after purchasing an additional 35 shares during the period. 42.32% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have issued reports on TOWN shares. BidaskClub downgraded Towne Bank from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Piper Jaffray Companies restated a “neutral” rating and set a $32.00 price target on shares of Towne Bank in a research note on Thursday. Finally, Zacks Investment Research upgraded Towne Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, September 27th.
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Shares of Towne Bank (NASDAQ TOWN) opened at 34.35 on Friday. The firm’s 50 day moving average price is $31.70 and its 200-day moving average price is $31.18. Towne Bank has a 1-year low of $24.02 and a 1-year high of $34.70. The company has a market capitalization of $2.13 billion, a P/E ratio of 23.53 and a beta of 0.99.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 12th. Stockholders of record on Friday, September 29th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Thursday, September 28th. Towne Bank’s payout ratio is 38.10%.
Towne Bank Company Profile
TowneBank is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three segments: Banking, Realty and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. The Realty segment provides residential real estate services, originations of a range of mortgage loans, resort property management, and residential and commercial title insurance.
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