Bank of New York Mellon Corp Increases Stock Holdings in TowneBank (NASDAQ:TOWN)

Bank of New York Mellon Corp lifted its stake in shares of TowneBank (NASDAQ:TOWN) by 4.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 504,926 shares of the bank’s stock after buying an additional 21,143 shares during the quarter. Bank of New York Mellon Corp’s holdings in TowneBank were worth $13,769,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Norges Bank purchased a new stake in TowneBank during the 4th quarter worth approximately $10,851,000. Jacobs Levy Equity Management Inc. purchased a new stake in TowneBank during the 1st quarter worth approximately $4,907,000. Dimensional Fund Advisors LP increased its holdings in TowneBank by 4.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,036,878 shares of the bank’s stock worth $120,140,000 after purchasing an additional 162,347 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in TowneBank by 92.5% during the 1st quarter. Russell Investments Group Ltd. now owns 181,730 shares of the bank’s stock worth $5,099,000 after purchasing an additional 87,332 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in TowneBank by 41.4% during the 4th quarter. Victory Capital Management Inc. now owns 265,062 shares of the bank’s stock worth $7,888,000 after purchasing an additional 77,621 shares during the last quarter. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Keefe, Bruyette & Woods lifted their price objective on TowneBank from $30.00 to $35.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a report on Monday, July 29th.

TowneBank Trading Down 1.8 %

Shares of NASDAQ TOWN opened at $33.26 on Friday. TowneBank has a twelve month low of $21.63 and a twelve month high of $34.90. The company has a market capitalization of $2.49 billion, a price-to-earnings ratio of 16.55 and a beta of 0.89. The business has a 50 day simple moving average of $31.65 and a 200-day simple moving average of $28.60.

TowneBank (NASDAQ:TOWN) last issued its earnings results on Wednesday, July 24th. The bank reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.09. TowneBank had a return on equity of 7.56% and a net margin of 15.33%. The firm had revenue of $174.97 million for the quarter, compared to analyst estimates of $172.20 million. During the same period last year, the company earned $0.52 earnings per share. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, equities analysts predict that TowneBank will post 2.15 earnings per share for the current year.

TowneBank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 3.01%. TowneBank’s dividend payout ratio is currently 49.75%.

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.