Northern Trust Corp Acquires 34,591 Shares of TowneBank (NASDAQ:TOWN)

Northern Trust Corp increased its holdings in shares of TowneBank (NASDAQ:TOWN - Free Report) by 5.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 688,871 shares of the bank's stock after purchasing an additional 34,591 shares during the quarter. Northern Trust Corp owned approximately 0.92% of TowneBank worth $23,463,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in TOWN. T. Rowe Price Investment Management Inc. lifted its stake in TowneBank by 5.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,344,673 shares of the bank's stock valued at $147,980,000 after acquiring an additional 210,521 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in TowneBank by 6.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 75,107 shares of the bank's stock worth $2,559,000 after acquiring an additional 4,489 shares during the period. Dark Forest Capital Management LP bought a new position in TowneBank during the fourth quarter worth about $655,000. Aldebaran Financial Inc. bought a new position in TowneBank during the fourth quarter worth about $206,000. Finally, Tower Research Capital LLC TRC increased its holdings in TowneBank by 107.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,619 shares of the bank's stock valued at $191,000 after buying an additional 2,908 shares during the period. Institutional investors and hedge funds own 55.99% of the company's stock.

TowneBank Stock Up 1.2%

TOWN stock traded up $0.42 during midday trading on Thursday, reaching $35.25. 137,240 shares of the company's stock traded hands, compared to its average volume of 255,105. The company has a market cap of $2.64 billion, a price-to-earnings ratio of 16.40 and a beta of 0.79. The firm's fifty day moving average price is $33.16 and its 200-day moving average price is $34.59. TowneBank has a 52 week low of $25.70 and a 52 week high of $38.28.

TowneBank (NASDAQ:TOWN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. The firm 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 business's revenue for the quarter was up 14.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.48 EPS. Analysts forecast that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a $0.27 dividend. This is an increase from TowneBank's previous quarterly dividend of $0.25. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date is Friday, June 27th. TowneBank's payout ratio is 42.37%.

Wall Street Analyst Weigh In

Several research firms have commented on TOWN. Stephens reissued an "equal weight" rating and issued a $41.00 target price on shares of TowneBank in a report on Thursday, January 23rd. Hovde Group raised their price target on shares of TowneBank from $38.00 to $39.00 and gave the stock an "outperform" rating in a report on Monday, April 28th.

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.