Deutsche Bank AG Acquires 20,031 Shares of TowneBank (NASDAQ:TOWN)

Deutsche Bank AG boosted its position in TowneBank (NASDAQ:TOWN - Free Report) by 50.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 59,621 shares of the bank's stock after acquiring an additional 20,031 shares during the quarter. Deutsche Bank AG owned 0.08% of TowneBank worth $2,031,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in TOWN. Wellington Management Group LLP purchased a new stake in TowneBank during the 4th quarter worth about $22,894,000. Raymond James Financial Inc. acquired a new position in TowneBank during the 4th quarter worth approximately $14,122,000. T. Rowe Price Investment Management Inc. lifted its position in TowneBank by 5.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,344,673 shares of the bank's stock worth $147,980,000 after acquiring an additional 210,521 shares in the last quarter. Lightrock Netherlands B.V. acquired a new position in shares of TowneBank in the 4th quarter valued at approximately $6,746,000. Finally, Norges Bank acquired a new position in shares of TowneBank in the 4th quarter valued at approximately $6,385,000. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

TowneBank Stock Down 0.5%

TOWN traded down $0.16 during trading on Wednesday, hitting $34.57. The company's stock had a trading volume of 90,442 shares, compared to its average volume of 255,032. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of 16.08 and a beta of 0.79. TowneBank has a 12 month low of $25.70 and a 12 month high of $38.28. The firm's 50 day moving average price is $33.19 and its two-hundred day moving average price is $34.66.

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

TowneBank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Friday, June 27th. This is an increase from TowneBank's previous quarterly dividend of $0.25. TowneBank's dividend payout ratio (DPR) is currently 45.76%.

Wall Street Analyst Weigh In

TOWN has been the subject of a number of recent research reports. Hovde Group upped their price objective on TowneBank from $38.00 to $39.00 and gave the stock an "outperform" rating in a research note on Monday, April 28th. Wall Street Zen lowered TowneBank from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd.

About TowneBank

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.