Aldebaran Financial Inc. Makes New Investment in TowneBank (NASDAQ:TOWN)

Aldebaran Financial Inc. acquired a new stake in shares of TowneBank (NASDAQ:TOWN) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 6,000 shares of the bank’s stock, valued at approximately $206,000.

A number of other large investors also recently modified their holdings of the company. Picton Mahoney Asset Management purchased a new position in shares of TowneBank during the fourth quarter worth approximately $28,000. Salem Investment Counselors Inc. bought a new stake in TowneBank in the fourth quarter worth $34,000. Blue Trust Inc. boosted its position in TowneBank by 258.5% during 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 during the period. Sterling Capital Management LLC grew its stake in shares of TowneBank by 807.8% during 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 last quarter. Finally, Federated Hermes Inc. purchased a new position in shares of TowneBank in the fourth quarter worth about $82,000. 55.99% of the stock is owned by hedge funds and other institutional investors.

TowneBank Stock Performance

TOWN opened at $31.29 on Tuesday. The stock’s 50 day moving average price is $34.08 and its 200-day moving average price is $34.63. TowneBank has a 52-week low of $25.70 and a 52-week high of $38.28. The stock has a market capitalization of $2.35 billion, a PE ratio of 14.55 and a beta of 0.79.

TowneBank (NASDAQ:TOWN) last posted its earnings results on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, topping the consensus estimate of $0.48 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. Research analysts forecast that TowneBank will post 2.6 EPS for the current fiscal year.

TowneBank Dividend Announcement

The company also recently declared 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. The ex-dividend date was Monday, March 31st. This represents a $1.00 annualized dividend and a dividend yield of 3.20%. TowneBank’s dividend payout ratio is presently 46.51%.

Analyst Ratings Changes

A number of equities analysts have commented on TOWN shares. Hovde Group raised TowneBank from a “market perform” rating to an “outperform” rating and decreased their price target for the stock from $39.00 to $38.00 in a research note on Friday, April 4th. Stephens reaffirmed an “equal weight” rating and issued a $41.00 target price on shares of TowneBank in a research note on Thursday, January 23rd.

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.