2,316 Shares in TowneBank (NASDAQ:TOWN) Purchased by SouthState Corp

SouthState Corp acquired a new stake in shares of TowneBank (NASDAQ:TOWN) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,316 shares of the bank’s stock, valued at approximately $72,000.

Other large investors also recently bought and sold shares of the company. FMR LLC lifted its stake in shares of TowneBank by 423.6% in the 2nd quarter. FMR LLC now owns 843 shares of the bank’s stock valued at $26,000 after purchasing an additional 682 shares during the last quarter. Berman Capital Advisors LLC lifted its stake in shares of TowneBank by 33.9% in the 2nd quarter. Berman Capital Advisors LLC now owns 1,423 shares of the bank’s stock valued at $43,000 after purchasing an additional 360 shares during the last quarter. Amundi Pioneer Asset Management Inc. bought a new stake in shares of TowneBank in the 1st quarter valued at approximately $149,000. Advisor Group Holdings Inc. lifted its stake in shares of TowneBank by 97.4% in the 2nd quarter. Advisor Group Holdings Inc. now owns 5,271 shares of the bank’s stock valued at $160,000 after purchasing an additional 2,601 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its stake in shares of TowneBank by 1,089.6% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 5,270 shares of the bank’s stock valued at $160,000 after purchasing an additional 4,827 shares during the last quarter. 49.21% of the stock is owned by institutional investors and hedge funds.

NASDAQ:TOWN opened at $34.38 on Friday. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of 11.09 and a beta of 1.04. TowneBank has a 1 year low of $22.97 and a 1 year high of $34.79. The business has a 50 day simple moving average of $32.19 and a 200-day simple moving average of $31.11.

TowneBank (NASDAQ:TOWN) last issued its quarterly earnings results on Thursday, October 28th. The bank reported $0.69 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.04. TowneBank had a return on equity of 12.52% and a net margin of 30.46%. The firm had revenue of $170.08 million during the quarter, compared to analyst estimates of $161.02 million. On average, analysts expect that TowneBank will post 3 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 12th. Investors of record on Thursday, December 30th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date of this dividend was Wednesday, December 29th. TowneBank’s dividend payout ratio is currently 25.81%.

Separately, Zacks Investment Research raised TowneBank from a “sell” rating to a “hold” rating in a research note on Friday, January 7th.

TowneBank Profile

TowneBank engages in the provision of retail and commercial banking services to individuals and small and medium size businesses. It operates through the following segments: Banking, Realty, and Insurance. The Banking segment offers loan and deposit services to retail and commercial customers. The Realty segment focuses on the provision of residential real estate services and originations of a variety of mortgage loans.

Further Reading: Trading Halts Explained

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Institutional Ownership by Quarter for TowneBank (NASDAQ:TOWN)

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