TowneBank (NASDAQ:TOWN) Stake Lifted by California Public Employees Retirement System

California Public Employees Retirement System lifted its stake in shares of TowneBank (NASDAQ:TOWN) by 15.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 140,659 shares of the bank’s stock after purchasing an additional 18,566 shares during the quarter. California Public Employees Retirement System owned 0.22% of TowneBank worth $4,712,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in TOWN. Chartwell Investment Partners LLC grew its holdings in shares of TowneBank by 169.3% during the 3rd quarter. Chartwell Investment Partners LLC now owns 485,614 shares of the bank’s stock valued at $16,268,000 after purchasing an additional 305,304 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of TowneBank by 6.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,946,454 shares of the bank’s stock valued at $65,206,000 after purchasing an additional 122,476 shares during the last quarter. State Street Corp grew its holdings in shares of TowneBank by 7.5% during the 2nd quarter. State Street Corp now owns 1,134,228 shares of the bank’s stock valued at $34,937,000 after purchasing an additional 78,810 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its holdings in shares of TowneBank by 1,222.6% during the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 70,100 shares of the bank’s stock valued at $2,348,000 after purchasing an additional 64,800 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of TowneBank by 6.5% during the 2nd quarter. Renaissance Technologies LLC now owns 763,287 shares of the bank’s stock valued at $23,509,000 after purchasing an additional 46,600 shares during the last quarter. 44.28% of the stock is currently owned by institutional investors.

Several research firms recently commented on TOWN. Zacks Investment Research upgraded shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Wednesday, September 27th. Piper Jaffray Companies reiterated a “neutral” rating and set a $32.00 target price on shares of TowneBank in a research report on Thursday, October 5th. Brean Capital began coverage on shares of TowneBank in a research report on Friday, December 1st. They set a “hold” rating on the stock. BidaskClub downgraded shares of TowneBank from a “buy” rating to a “hold” rating in a research report on Tuesday, December 12th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $35.00 target price on shares of TowneBank in a research report on Friday, December 22nd. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $34.67.

Shares of TowneBank (NASDAQ:TOWN) opened at $32.45 on Tuesday. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.47. TowneBank has a 1 year low of $28.55 and a 1 year high of $35.30. The company has a market cap of $2,032.70, a P/E ratio of 21.35 and a beta of 0.98.

TowneBank (NASDAQ:TOWN) last issued its quarterly earnings results on Thursday, October 26th. The bank reported $0.44 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.01). The firm had revenue of $115.34 million during the quarter, compared to analyst estimates of $118.96 million. TowneBank had a return on equity of 8.49% and a net margin of 19.55%. analysts predict that TowneBank will post 1.57 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, January 12th. Stockholders of record on Friday, December 29th were given a $0.14 dividend. The ex-dividend date was Thursday, December 28th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.73%. TowneBank’s dividend payout ratio (DPR) is currently 36.84%.

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TowneBank 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.

Institutional Ownership by Quarter for TowneBank (NASDAQ:TOWN)

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