Allspring Global Investments Holdings LLC lowered its stake in TowneBank (NASDAQ:TOWN – Get Rating) by 40.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,190 shares of the bank's stock after selling 1,470 shares during the period. Allspring Global Investments Holdings LLC's holdings in TowneBank were worth $58,000 as of its most recent filing with the SEC.
Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of TowneBank by 12.9% in the first quarter. Vanguard Group Inc. now owns 7,253,308 shares of the bank's stock valued at $217,165,000 after buying an additional 827,143 shares in the last quarter. BlackRock Inc. raised its stake in TowneBank by 6.5% during the 1st quarter. BlackRock Inc. now owns 5,151,219 shares of the bank's stock valued at $154,227,000 after purchasing an additional 316,304 shares during the period. Dimensional Fund Advisors LP raised its stake in TowneBank by 2.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,984,330 shares of the bank's stock valued at $89,352,000 after purchasing an additional 69,020 shares during the period. State Street Corp raised its stake in TowneBank by 24.3% during the 2nd quarter. State Street Corp now owns 1,709,804 shares of the bank's stock valued at $46,809,000 after purchasing an additional 333,828 shares during the period. Finally, Renaissance Technologies LLC raised its stake in TowneBank by 13.2% during the 2nd quarter. Renaissance Technologies LLC now owns 836,782 shares of the bank's stock valued at $22,719,000 after purchasing an additional 97,600 shares during the period. Institutional investors own 52.75% of the company's stock.
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TowneBank Trading Up 3.0 %
TowneBank stock opened at $30.47 on Wednesday. The company's fifty day simple moving average is $31.03 and its 200-day simple moving average is $30.11. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.02. TowneBank has a 12 month low of $26.18 and a 12 month high of $33.42. The stock has a market cap of $2.22 billion, a P/E ratio of 11.72 and a beta of 0.99.
TowneBank Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, January 12th. Stockholders of record on Friday, December 30th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.02%. The ex-dividend date of this dividend was Thursday, December 29th. TowneBank's dividend payout ratio is currently 35.38%.
Analyst Ratings Changes
Separately, StockNews.com assumed coverage on shares of TowneBank in a report on Wednesday, October 12th. They set a "hold" rating on the stock.
About TowneBank
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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.
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