Wellington Management Group LLP purchased a new position in TowneBank (NASDAQ:TOWN - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 672,170 shares of the bank's stock, valued at approximately $22,894,000. Wellington Management Group LLP owned about 0.90% of TowneBank as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of TowneBank by 2.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 17,067 shares of the bank's stock valued at $581,000 after purchasing an additional 365 shares in the last quarter. Summit Investment Advisors Inc. raised its position in TowneBank by 5.4% in the 4th quarter. Summit Investment Advisors Inc. now owns 7,354 shares of the bank's stock worth $250,000 after buying an additional 376 shares during the last quarter. Choreo LLC lifted its stake in TowneBank by 1.3% during the 4th quarter. Choreo LLC now owns 30,112 shares of the bank's stock valued at $1,033,000 after acquiring an additional 383 shares during the period. Invesco Ltd. boosted its holdings in shares of TowneBank by 0.3% during the 4th quarter. Invesco Ltd. now owns 167,173 shares of the bank's stock valued at $5,694,000 after acquiring an additional 430 shares during the last quarter. Finally, Cerity Partners LLC grew its stake in shares of TowneBank by 0.4% in the fourth quarter. Cerity Partners LLC now owns 109,607 shares of the bank's stock worth $3,733,000 after acquiring an additional 463 shares during the period. Institutional investors own 55.99% of the company's stock.
TowneBank Price Performance
Shares of TOWN stock traded down $0.71 during trading hours on Wednesday, reaching $33.69. 232,329 shares of the company traded hands, compared to its average volume of 257,181. The firm has a 50-day moving average price of $33.12 and a 200 day moving average price of $34.62. The company has a market cap of $2.53 billion, a P/E ratio of 15.67 and a beta of 0.79. TowneBank has a 12-month low of $25.70 and a 12-month high of $38.28.
TowneBank (NASDAQ:TOWN - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $190.04 million for the quarter, compared to the consensus estimate of $191.29 million. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. The company's revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.48 earnings per share. Sell-side analysts predict that TowneBank will post 2.6 EPS for the current year.
TowneBank Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a $0.27 dividend. This is a positive change from TowneBank's previous quarterly dividend of $0.25. The ex-dividend date is Friday, June 27th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.21%. TowneBank's dividend payout ratio is 45.76%.
Analyst Ratings Changes
A number of equities analysts recently issued reports on TOWN shares. Hovde Group raised their price objective on shares of TowneBank from $38.00 to $39.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Wall Street Zen upgraded shares of TowneBank from a "sell" rating to a "hold" rating in a research report on Friday, May 30th.
Get Our Latest Analysis on TOWN
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.
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