Mirae Asset Global Investments Co. Ltd. Purchases 1,312 Shares of TowneBank (NASDAQ:TOWN)

Mirae Asset Global Investments Co. Ltd. grew its stake in shares of TowneBank (NASDAQ:TOWN) by 4.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,596 shares of the bank’s stock after buying an additional 1,312 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in TowneBank were worth $940,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. DAVENPORT & Co LLC raised its position in shares of TowneBank by 0.5% during the fourth quarter. DAVENPORT & Co LLC now owns 86,871 shares of the bank’s stock valued at $2,585,000 after buying an additional 432 shares during the last quarter. Sound Income Strategies LLC purchased a new position in TowneBank in the fourth quarter worth about $79,000. Anchor Investment Management LLC bought a new stake in TowneBank during the fourth quarter worth approximately $357,000. Vanguard Group Inc. raised its position in TowneBank by 1.4% during the third quarter. Vanguard Group Inc. now owns 7,409,093 shares of the bank’s stock valued at $169,891,000 after purchasing an additional 101,677 shares during the period. Finally, Endeavour Capital Advisors Inc. bought a new stake in shares of TowneBank in the 3rd quarter valued at approximately $382,000. Institutional investors own 55.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on TOWN shares. Raymond James boosted their target price on TowneBank from $28.00 to $32.00 and gave the company an “outperform” rating in a research report on Friday, January 5th. StockNews.com downgraded TowneBank from a “hold” rating to a “sell” rating in a research report on Thursday, February 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $29.00.

TowneBank Trading Up 1.6 %

NASDAQ TOWN opened at $27.82 on Wednesday. TowneBank has a 52 week low of $21.22 and a 52 week high of $31.08. The company has a 50 day moving average price of $27.07 and a 200 day moving average price of $27.07. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.10. The firm has a market cap of $2.02 billion, a PE ratio of 13.44 and a beta of 0.89.

TowneBank (NASDAQ:TOWN) last issued its quarterly earnings results on Wednesday, January 24th. The bank reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.05). The business had revenue of $155.55 million for the quarter, compared to analyst estimates of $164.67 million. TowneBank had a return on equity of 8.03% and a net margin of 16.33%. The firm’s revenue was down 11.3% compared to the same quarter last year. As a group, sell-side analysts forecast that TowneBank will post 2.15 EPS for the current fiscal year.

TowneBank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date of this dividend was Wednesday, March 27th. TowneBank’s dividend payout ratio (DPR) is presently 48.31%.

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.