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

Deutsche Bank AG grew its position in shares of TowneBank (NASDAQ:TOWN - Free Report) by 50.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 59,621 shares of the bank's stock after acquiring an additional 20,031 shares during the quarter. Deutsche Bank AG owned about 0.08% of TowneBank worth $2,031,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of TOWN. Picton Mahoney Asset Management purchased a new position in shares of TowneBank in the 4th quarter worth approximately $28,000. Blue Trust Inc. boosted its stake in TowneBank by 258.5% during the fourth quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock worth $47,000 after buying an additional 1,034 shares during the period. Sterling Capital Management LLC increased its position in TowneBank by 807.8% during the fourth quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank's stock valued at $75,000 after acquiring an additional 1,971 shares during the last quarter. Federated Hermes Inc. bought a new position in TowneBank during the fourth quarter valued at $82,000. Finally, KBC Group NV raised its stake in shares of TowneBank by 28.2% in the fourth quarter. KBC Group NV now owns 3,858 shares of the bank's stock valued at $131,000 after acquiring an additional 848 shares during the period. 55.99% of the stock is owned by hedge funds and other institutional investors.

TowneBank Stock Up 2.4%

TOWN traded up $0.80 on Tuesday, reaching $34.73. 187,547 shares of the company traded hands, compared to its average volume of 255,618. The company has a market cap of $2.60 billion, a P/E ratio of 16.15 and a beta of 0.79. TowneBank has a one year low of $25.70 and a one year high of $38.28. The firm has a fifty day simple moving average of $33.19 and a two-hundred day simple moving average of $34.66.

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

TowneBank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a dividend of $0.27 per share. This is an increase from TowneBank's previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, June 27th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.11%. TowneBank's dividend payout ratio is presently 45.76%.

Wall Street Analyst Weigh In

Several brokerages recently commented on TOWN. Wall Street Zen downgraded shares of TowneBank from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Hovde Group increased their price target on TowneBank from $38.00 to $39.00 and gave the stock an "outperform" rating in a report on Monday, April 28th.

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.