Towne Bank (NASDAQ:TOWN) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its holdings in Towne Bank (NASDAQ:TOWN - Free Report) by 3.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 518,700 shares of the bank's stock after selling 19,145 shares during the quarter. Bank of New York Mellon Corp owned 0.69% of Towne Bank worth $17,734,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of TOWN. Teacher Retirement System of Texas grew its position in shares of Towne Bank by 31.5% in the fourth quarter. Teacher Retirement System of Texas now owns 34,790 shares of the bank's stock valued at $1,185,000 after purchasing an additional 8,335 shares in the last quarter. Vanguard Group Inc. grew its position in Towne Bank by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 7,482,171 shares of the bank's stock worth $254,843,000 after acquiring an additional 49,970 shares during the period. Northern Trust Corp grew its position in Towne Bank by 5.3% in the fourth quarter. Northern Trust Corp now owns 688,871 shares of the bank's stock worth $23,463,000 after acquiring an additional 34,591 shares during the period. GAMMA Investing LLC grew its position in Towne Bank by 2,332.2% in the first quarter. GAMMA Investing LLC now owns 3,624 shares of the bank's stock worth $124,000 after acquiring an additional 3,475 shares during the period. Finally, Bessemer Group Inc. grew its position in Towne Bank by 137.0% in the first quarter. Bessemer Group Inc. now owns 5,121 shares of the bank's stock worth $175,000 after acquiring an additional 2,960 shares during the period. Institutional investors and hedge funds own 55.99% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on TOWN shares. Wall Street Zen upgraded Towne Bank from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Hovde Group increased their price objective on Towne Bank from $38.00 to $39.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th.

Towne Bank Stock Down 0.2%

NASDAQ:TOWN traded down $0.08 during trading hours on Tuesday, reaching $35.70. 304,942 shares of the stock were exchanged, compared to its average volume of 253,975. The business has a 50-day moving average of $34.58 and a two-hundred day moving average of $34.35. Towne Bank has a twelve month low of $29.43 and a twelve month high of $38.28. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of 15.13 and a beta of 0.80.

Towne Bank (NASDAQ:TOWN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.68 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.07. Towne Bank had a return on equity of 8.27% and a net margin of 17.15%. The company had revenue of $190.04 million for the quarter, compared to analysts' expectations of $191.29 million. During the same period last year, the firm earned $0.48 earnings per share. Towne Bank's quarterly revenue was up 14.9% on a year-over-year basis. On average, research analysts forecast that Towne Bank will post 2.6 EPS for the current fiscal year.

Towne Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.03%. The ex-dividend date of this dividend was Friday, June 27th. This is a boost from Towne Bank's previous quarterly dividend of $0.25. Towne Bank's payout ratio is 45.76%.

Towne Bank Profile

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.