Metropolitan Life Insurance Co. NY Raises Position in TowneBank (TOWN)

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Metropolitan Life Insurance Co. NY boosted its position in shares of TowneBank (NASDAQ:TOWN) by 11.9% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 21,721 shares of the bank’s stock after buying an additional 2,302 shares during the quarter. Metropolitan Life Insurance Co. NY’s holdings in TowneBank were worth $697,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. ACG Wealth bought a new stake in shares of TowneBank in the 2nd quarter valued at approximately $203,000. SG Americas Securities LLC grew its stake in shares of TowneBank by 89.3% in the 1st quarter. SG Americas Securities LLC now owns 8,442 shares of the bank’s stock valued at $241,000 after purchasing an additional 3,983 shares during the period. Principal Financial Group Inc. bought a new stake in shares of TowneBank in the 1st quarter valued at approximately $290,000. Xact Kapitalforvaltning AB grew its stake in shares of TowneBank by 70.3% in the 1st quarter. Xact Kapitalforvaltning AB now owns 11,388 shares of the bank’s stock valued at $326,000 after purchasing an additional 4,700 shares during the period. Finally, Victory Capital Management Inc. grew its stake in shares of TowneBank by 67.5% in the 1st quarter. Victory Capital Management Inc. now owns 13,195 shares of the bank’s stock valued at $377,000 after purchasing an additional 5,317 shares during the period. Hedge funds and other institutional investors own 44.17% of the company’s stock.

TOWN has been the topic of several analyst reports. Brean Capital reiterated a “hold” rating on shares of TowneBank in a research note on Monday, August 27th. Piper Jaffray Companies set a $34.00 price objective on TowneBank and gave the company a “hold” rating in a research note on Monday, July 30th. BidaskClub upgraded TowneBank from a “hold” rating to a “buy” rating in a research note on Wednesday, June 6th. Finally, Zacks Investment Research upgraded TowneBank from a “hold” rating to a “buy” rating and set a $37.00 price objective on the stock in a research note on Wednesday, August 1st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $34.50.

TOWN stock opened at $31.15 on Wednesday. TowneBank has a 1-year low of $27.85 and a 1-year high of $35.30. The company has a market capitalization of $2.31 billion, a PE ratio of 19.97 and a beta of 0.89. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.97 and a current ratio of 1.01.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings results on Friday, July 27th. The bank reported $0.49 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.49. The business had revenue of $137.06 million for the quarter, compared to analyst estimates of $133.65 million. TowneBank had a return on equity of 9.46% and a net margin of 18.11%. analysts forecast that TowneBank will post 2.04 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 10th. Investors of record on Friday, September 28th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $0.64 dividend on an annualized basis and a yield of 2.05%. TowneBank’s dividend payout ratio (DPR) is presently 41.03%.

TowneBank Profile

TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, negotiable order of withdrawal accounts, 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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