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

Deutsche Bank AG boosted its holdings in TowneBank (NASDAQ:TOWN - Free Report) by 50.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. 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 about 0.08% of TowneBank worth $2,031,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Picton Mahoney Asset Management acquired a new stake in TowneBank in the 4th quarter valued at about $28,000. Blue Trust Inc. lifted its holdings in shares of TowneBank by 258.5% in the fourth quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock valued at $47,000 after purchasing an additional 1,034 shares in the last quarter. Sterling Capital Management LLC grew its position in shares of TowneBank by 807.8% in the fourth quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank's stock valued at $75,000 after purchasing an additional 1,971 shares during the last quarter. Federated Hermes Inc. purchased a new position in shares of TowneBank during the 4th quarter worth approximately $82,000. Finally, KBC Group NV increased its stake in shares of TowneBank by 28.2% during the 4th quarter. KBC Group NV now owns 3,858 shares of the bank's stock worth $131,000 after purchasing an additional 848 shares in the last quarter. Hedge funds and other institutional investors own 55.99% of the company's stock.

TowneBank Stock Performance

Shares of NASDAQ TOWN traded up $0.24 during midday trading on Thursday, reaching $34.56. 154,748 shares of the company's stock were exchanged, compared to its average volume of 255,703. TowneBank has a 52-week low of $25.70 and a 52-week high of $38.28. The business's fifty day moving average price is $33.18 and its two-hundred day moving average price is $34.65. The stock has a market capitalization of $2.59 billion, a PE ratio of 16.07 and a beta of 0.79.

TowneBank (NASDAQ:TOWN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.68 earnings per share for the quarter, beating the consensus estimate 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 period in the previous year, the company earned $0.48 earnings per share. Analysts predict that TowneBank will post 2.6 earnings per share for the current fiscal year.

TowneBank Increases Dividend

The firm also recently disclosed 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 yield of 3.13%. 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 payout ratio is currently 45.76%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Hovde Group increased their price objective on TowneBank from $38.00 to $39.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Wall Street Zen lowered shares of TowneBank from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd.

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.