TowneBank (NASDAQ:TOWN) Holdings Boosted by Wells Fargo & Company MN

Wells Fargo & Company MN boosted its stake in shares of TowneBank (NASDAQ:TOWN - Free Report) by 40.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 69,269 shares of the bank's stock after purchasing an additional 19,847 shares during the period. Wells Fargo & Company MN owned approximately 0.09% of TowneBank worth $2,359,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Picton Mahoney Asset Management acquired a new position in TowneBank in the fourth quarter valued at $28,000. Salem Investment Counselors Inc. purchased a new stake in shares of TowneBank during the 4th quarter worth about $34,000. Blue Trust Inc. increased its position in TowneBank by 258.5% during the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock worth $47,000 after purchasing an additional 1,034 shares in the last quarter. KBC Group NV raised its holdings in 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 buying an additional 848 shares during the period. Finally, Cibc World Markets Corp acquired a new position in TowneBank during the fourth quarter valued at approximately $224,000. Institutional investors and hedge funds own 55.99% of the company's stock.

Analyst Upgrades and Downgrades

TOWN has been the subject of several recent research reports. Stephens reissued an "equal weight" rating and issued a $41.00 price objective on shares of TowneBank in a research report on Thursday, January 23rd. Hovde Group raised their price objective on TowneBank from $38.00 to $39.00 and gave the company an "outperform" rating in a research report on Monday.

TowneBank Stock Down 0.9 %

Shares of NASDAQ TOWN traded down $0.29 during trading on Wednesday, reaching $32.95. 276,284 shares of the stock were exchanged, compared to its average volume of 258,247. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of 15.33 and a beta of 0.79. The business's 50-day moving average price is $33.50 and its 200 day moving average price is $34.59. TowneBank has a twelve month low of $25.70 and a twelve month high of $38.28.

TowneBank (NASDAQ:TOWN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.68 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 analyst estimates of $191.29 million. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. The firm's revenue was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.48 EPS. As a group, sell-side analysts expect that TowneBank will post 2.6 earnings per share for the current fiscal year.

TowneBank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Monday, March 31st were paid a dividend of $0.25 per share. The ex-dividend date was Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a yield of 3.03%. TowneBank's dividend payout ratio (DPR) is presently 42.37%.

TowneBank 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.