Bank of New York Mellon Corp Sells 19,145 Shares of Towne Bank (NASDAQ:TOWN)

Bank of New York Mellon Corp lowered its stake in Towne Bank (NASDAQ:TOWN) by 3.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 518,700 shares of the bank’s stock after selling 19,145 shares during the quarter. Bank of New York Mellon Corp owned about 0.69% of Towne Bank worth $17,734,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Teacher Retirement System of Texas grew its stake in shares of Towne Bank by 31.5% during the 4th quarter. Teacher Retirement System of Texas now owns 34,790 shares of the bank’s stock worth $1,185,000 after acquiring an additional 8,335 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Towne Bank by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 7,482,171 shares of the bank’s stock worth $254,843,000 after acquiring an additional 49,970 shares in the last quarter. Northern Trust Corp grew its stake in shares of Towne Bank by 5.3% during the 4th quarter. Northern Trust Corp now owns 688,871 shares of the bank’s stock worth $23,463,000 after acquiring an additional 34,591 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Towne Bank by 2,332.2% during the 1st quarter. GAMMA Investing LLC now owns 3,624 shares of the bank’s stock worth $124,000 after acquiring an additional 3,475 shares in the last quarter. Finally, Bessemer Group Inc. grew its stake in shares of Towne Bank by 137.0% during the 1st quarter. Bessemer Group Inc. now owns 5,121 shares of the bank’s stock worth $175,000 after acquiring an additional 2,960 shares in the last quarter. Institutional investors own 55.99% of the company’s stock.

Towne Bank Price Performance

TOWN stock opened at $35.93 on Friday. The company has a fifty day moving average price of $34.58 and a two-hundred day moving average price of $34.34. Towne Bank has a one year low of $29.43 and a one year high of $38.28. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 15.22 and a beta of 0.80.

Towne Bank (NASDAQ:TOWN) last released 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. Towne Bank had a net margin of 17.15% and a return on equity of 8.27%. The firm had revenue of $190.04 million during the quarter, compared to analysts’ expectations of $191.29 million. During the same period in the previous year, the business posted $0.48 earnings per share. The company’s revenue for the quarter was up 14.9% compared to the same quarter last year. Research analysts anticipate that Towne Bank will post 2.6 EPS for the current fiscal year.

Towne Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 3.01%. This is a boost from Towne Bank’s previous quarterly dividend of $0.25. The ex-dividend date was Friday, June 27th. Towne Bank’s payout ratio is 45.76%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on TOWN shares. Wall Street Zen raised shares of Towne Bank from a “sell” rating to a “hold” rating in a research note on Friday, May 30th. Hovde Group increased their price target on shares of Towne Bank from $38.00 to $39.00 and gave the company an “outperform” rating in a research note on Monday, April 28th.

Towne Bank 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.