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.
Check Out Our Latest Stock Report on TowneBank
About TowneBank
(
Free Report)
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.
Featured Articles

Before you consider TowneBank, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and TowneBank wasn't on the list.
While TowneBank currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering what the next stocks will be that hit it big, with solid fundamentals? Enter your email address to see which stocks MarketBeat analysts could become the next blockbuster growth stocks.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.