Northern Trust Corp Sells 18,669 Shares of Towne Bank $TOWN

Northern Trust Corp reduced its stake in shares of Towne Bank (NASDAQ:TOWN) by 2.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 670,202 shares of the bank’s stock after selling 18,669 shares during the period. Northern Trust Corp owned about 0.89% of Towne Bank worth $22,914,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of TOWN. Tower Research Capital LLC TRC grew its position in shares of Towne Bank by 107.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 5,619 shares of the bank’s stock valued at $191,000 after acquiring an additional 2,908 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Towne Bank by 6.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 75,107 shares of the bank’s stock valued at $2,559,000 after acquiring an additional 4,489 shares during the period. Ameriprise Financial Inc. grew its position in shares of Towne Bank by 0.6% during the 4th quarter. Ameriprise Financial Inc. now owns 518,050 shares of the bank’s stock valued at $17,645,000 after acquiring an additional 3,311 shares during the period. Balyasny Asset Management L.P. grew its position in shares of Towne Bank by 201.0% during the 4th quarter. Balyasny Asset Management L.P. now owns 62,130 shares of the bank’s stock valued at $2,116,000 after acquiring an additional 41,490 shares during the period. Finally, Cary Street Partners Financial LLC bought a new position in shares of Towne Bank during the 4th quarter valued at approximately $859,000. 55.99% of the stock is owned by institutional investors.

Towne Bank Stock Performance

NASDAQ TOWN opened at $36.69 on Monday. Towne Bank has a 1 year low of $29.43 and a 1 year high of $38.28. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.87 and a quick ratio of 0.85. The stock has a market capitalization of $2.75 billion, a PE ratio of 15.95 and a beta of 0.87. The company’s 50 day simple moving average is $35.65 and its two-hundred day simple moving average is $34.55.

Towne Bank (NASDAQ:TOWN) last posted its earnings results on Wednesday, July 23rd. The bank reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.12. Towne Bank had a net margin of 16.49% and a return on equity of 8.99%. The business had revenue of $207.44 million for the quarter, compared to analysts’ expectations of $202.18 million. During the same period in the prior year, the company posted $0.57 EPS. The business’s revenue for the quarter was up 18.6% compared to the same quarter last year. Analysts predict that Towne Bank will post 2.6 earnings per share for the current fiscal year.

Towne Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Monday, September 29th will be paid a $0.27 dividend. The ex-dividend date is Monday, September 29th. This represents a $1.08 annualized dividend and a yield of 2.9%. Towne Bank’s dividend payout ratio is currently 46.96%.

Analyst Ratings Changes

TOWN has been the subject of a number of research reports. Wall Street Zen raised shares of Towne Bank from a “sell” rating to a “hold” rating in a research report on Sunday, August 3rd. Hovde Group upped their price target on shares of Towne Bank from $39.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, July 24th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $40.67.

About Towne Bank

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.