TowneBank (NASDAQ:TOWN) Shares Bought by Millennium Management LLC

Millennium Management LLC grew its stake in shares of TowneBank (NASDAQ:TOWN - Free Report) by 1,265.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 243,773 shares of the bank's stock after purchasing an additional 225,921 shares during the quarter. Millennium Management LLC owned approximately 0.33% of TowneBank worth $8,303,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of TOWN. Wellington Management Group LLP acquired a new stake in shares of TowneBank during the fourth quarter worth $22,894,000. Raymond James Financial Inc. purchased a new stake in shares of TowneBank in the 4th quarter worth about $14,122,000. FJ Capital Management LLC acquired a new stake in shares of TowneBank in the fourth quarter valued at approximately $9,908,000. T. Rowe Price Investment Management Inc. increased its position in TowneBank by 5.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,344,673 shares of the bank's stock worth $147,980,000 after buying an additional 210,521 shares in the last quarter. Finally, Lightrock Netherlands B.V. acquired a new position in TowneBank in the 4th quarter valued at about $6,746,000. Hedge funds and other institutional investors own 55.99% of the company's stock.

TowneBank Trading Up 0.3%

TOWN stock traded up $0.10 during midday trading on Friday, hitting $34.66. 13,734 shares of the company's stock were exchanged, compared to its average volume of 254,752. The firm has a 50 day moving average price of $33.18 and a 200-day moving average price of $34.65. TowneBank has a 12-month low of $25.70 and a 12-month high of $38.28. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of 16.07 and a beta of 0.79.

TowneBank (NASDAQ:TOWN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. The business had revenue of $190.04 million during the quarter, compared to analyst estimates of $191.29 million. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. The business's revenue was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.48 earnings per share. On average, sell-side analysts forecast that TowneBank will post 2.6 EPS for the current fiscal year.

TowneBank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Friday, June 27th. This is a positive change from TowneBank's previous quarterly dividend of $0.25. This represents a $1.08 annualized dividend and a dividend yield of 3.12%. TowneBank's dividend payout ratio is 45.76%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on TOWN. Wall Street Zen raised shares of TowneBank from a "sell" rating to a "hold" rating in a research report on Friday. Hovde Group upped their target price on TowneBank from $38.00 to $39.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th.

TowneBank Company 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.