Bank of New York Mellon Corp increased its position in TowneBank (NASDAQ:TOWN) by 112.9% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 802,478 shares of the bank’s stock after purchasing an additional 425,535 shares during the period. Bank of New York Mellon Corp owned about 1.11% of TowneBank worth $25,760,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of TOWN. BlackRock Inc. boosted its stake in shares of TowneBank by 8.7% during the 1st quarter. BlackRock Inc. now owns 4,059,200 shares of the bank’s stock valued at $116,094,000 after buying an additional 326,429 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of TowneBank by 9.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,294,141 shares of the bank’s stock valued at $65,613,000 after buying an additional 194,426 shares during the period. Northern Trust Corp boosted its stake in shares of TowneBank by 12.4% during the 1st quarter. Northern Trust Corp now owns 756,837 shares of the bank’s stock valued at $21,645,000 after buying an additional 83,384 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of TowneBank by 2.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 467,039 shares of the bank’s stock valued at $13,357,000 after buying an additional 11,170 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its stake in shares of TowneBank by 9.6% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 322,940 shares of the bank’s stock valued at $9,237,000 after buying an additional 28,206 shares during the period. 44.20% of the stock is owned by hedge funds and other institutional investors.
TOWN stock opened at $31.40 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.01 and a quick ratio of 0.97. TowneBank has a 1 year low of $27.85 and a 1 year high of $35.30. The firm has a market capitalization of $2.32 billion, a P/E ratio of 20.13 and a beta of 0.89.
TowneBank (NASDAQ:TOWN) last released its quarterly earnings data on Friday, July 27th. The bank reported $0.49 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.49. TowneBank had a net margin of 18.11% and a return on equity of 9.46%. The business had revenue of $137.06 million during the quarter, compared to analyst estimates of $133.65 million. equities analysts forecast that TowneBank will post 2.04 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 10th. Investors of record on Friday, September 28th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend is Thursday, September 27th. TowneBank’s payout ratio is presently 41.03%.
A number of brokerages have issued reports on TOWN. BidaskClub lowered shares of TowneBank from a “buy” rating to a “hold” rating in a research note on Saturday, June 30th. Brean Capital reissued a “hold” rating on shares of TowneBank in a research note on Tuesday, July 10th. Zacks Investment Research lowered shares of TowneBank from a “buy” rating to a “hold” rating in a research note on Thursday, June 28th. Finally, Piper Jaffray Companies set a $34.00 price objective on shares of TowneBank and gave the company a “hold” rating in a research note on Monday, July 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $34.50.
TowneBank Company Profile
TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.
Further Reading: Earnings Per Share (EPS) Explained
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