TowneBank (NASDAQ:TOWN) Shares Bought by Deutsche Bank AG

Deutsche Bank AG increased its stake in TowneBank (NASDAQ:TOWN) by 50.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 59,621 shares of the bank’s stock after purchasing an additional 20,031 shares during the period. Deutsche Bank AG owned 0.08% of TowneBank worth $2,031,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Picton Mahoney Asset Management purchased a new position in shares of TowneBank during the 4th quarter valued at approximately $28,000. Blue Trust Inc. boosted its position in shares of TowneBank by 258.5% during the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank’s stock valued at $47,000 after acquiring an additional 1,034 shares during the last quarter. Sterling Capital Management LLC raised its holdings in TowneBank by 807.8% in the 4th quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank’s stock valued at $75,000 after buying an additional 1,971 shares during the period. Federated Hermes Inc. purchased a new stake in TowneBank in the 4th quarter valued at about $82,000. Finally, KBC Group NV grew its holdings in shares of 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 purchasing an additional 848 shares in the last quarter. 55.99% of the stock is currently owned by institutional investors and hedge funds.

TowneBank Stock Down 0.9%

Shares of TowneBank stock opened at $33.93 on Friday. The firm has a market capitalization of $2.54 billion, a P/E ratio of 15.78 and a beta of 0.79. TowneBank has a 52 week low of $25.70 and a 52 week high of $38.28. The firm’s 50 day moving average is $33.22 and its two-hundred day moving average is $34.68.

TowneBank (NASDAQ:TOWN) last announced its earnings results 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. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. The business had revenue of $190.04 million for the quarter, compared to analyst estimates of $191.29 million. During the same period last year, the firm posted $0.48 earnings per share. The company’s revenue for the quarter was up 14.9% compared to the same quarter last year. As a group, research analysts expect that TowneBank will post 2.6 earnings per share for the current fiscal 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. The ex-dividend date of this dividend is Friday, June 27th. This represents a $1.08 dividend on an annualized basis and a yield of 3.18%. This is an increase from TowneBank’s previous quarterly dividend of $0.25. TowneBank’s dividend payout ratio (DPR) is 45.76%.

Analysts Set New Price Targets

A number of analysts recently weighed in on TOWN shares. Wall Street Zen lowered shares of TowneBank from a “hold” rating to a “sell” rating in a research note on Thursday. Hovde Group increased their price target on shares of TowneBank from $38.00 to $39.00 and gave the company an “outperform” rating in a research note 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.