Bank of New York Mellon Corp Acquires 88,277 Shares of TowneBank (NASDAQ:TOWN)

Bank of New York Mellon Corp lifted its holdings in TowneBank (NASDAQ:TOWN - Free Report) by 19.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 537,845 shares of the bank's stock after acquiring an additional 88,277 shares during the period. Bank of New York Mellon Corp owned 0.72% of TowneBank worth $18,319,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in TowneBank by 16.1% during the third quarter. JPMorgan Chase & Co. now owns 361,960 shares of the bank's stock valued at $11,966,000 after buying an additional 50,149 shares during the last quarter. Geode Capital Management LLC boosted its stake in TowneBank by 1.1% during the third quarter. Geode Capital Management LLC now owns 1,685,643 shares of the bank's stock valued at $55,738,000 after buying an additional 18,929 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in TowneBank by 0.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 839,050 shares of the bank's stock valued at $27,739,000 after buying an additional 7,738 shares during the last quarter. Jane Street Group LLC boosted its stake in TowneBank by 10.5% during the third quarter. Jane Street Group LLC now owns 74,965 shares of the bank's stock valued at $2,478,000 after buying an additional 7,137 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in TowneBank during the third quarter valued at approximately $322,000. Institutional investors own 55.99% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Stephens reissued an "equal weight" rating and set a $41.00 price target on shares of TowneBank in a research note on Thursday, January 23rd.

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TowneBank Trading Down 0.1 %

Shares of TowneBank stock opened at $33.75 on Wednesday. The firm has a market cap of $2.53 billion, a PE ratio of 15.70 and a beta of 0.88. TowneBank has a 12 month low of $25.70 and a 12 month high of $38.28. The stock has a 50 day moving average of $35.31 and a 200 day moving average of $34.79.

TowneBank (NASDAQ:TOWN - Get Free Report) last posted its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. As a group, equities research analysts forecast that TowneBank will post 2.6 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend is Monday, March 31st. TowneBank's payout ratio is 46.51%.

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.

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