TowneBank (NASDAQ:TOWN) Shares Acquired by T. Rowe Price Investment Management Inc.

T. Rowe Price Investment Management Inc. raised its holdings in TowneBank (NASDAQ:TOWN - Free Report) by 5.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,344,673 shares of the bank's stock after buying an additional 210,521 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 5.79% of TowneBank worth $147,980,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its holdings in TowneBank by 6.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 75,107 shares of the bank's stock worth $2,559,000 after acquiring an additional 4,489 shares during the period. Dark Forest Capital Management LP purchased a new position in shares of TowneBank in the fourth quarter valued at approximately $655,000. Aldebaran Financial Inc. purchased a new position in shares of TowneBank in the fourth quarter valued at approximately $206,000. Tower Research Capital LLC TRC lifted its position in shares of TowneBank by 107.3% in the fourth 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 in the last quarter. Finally, MetLife Investment Management LLC lifted its position in TowneBank by 5.8% during the fourth quarter. MetLife Investment Management LLC now owns 42,679 shares of the bank's stock worth $1,454,000 after buying an additional 2,332 shares in the last quarter. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on TOWN shares. Hovde Group lifted their target price on TowneBank from $38.00 to $39.00 and gave the company an "outperform" rating in a research report on Monday. Stephens reissued an "equal weight" rating and set a $41.00 price target on shares of TowneBank in a research report on Thursday, January 23rd.

TowneBank Trading Up 0.9 %

NASDAQ:TOWN traded up $0.31 during trading hours on Tuesday, hitting $33.21. The company's stock had a trading volume of 197,012 shares, compared to its average volume of 257,827. The stock has a fifty day moving average of $33.64 and a 200-day moving average of $34.61. The stock has a market capitalization of $2.49 billion, a P/E ratio of 15.45 and a beta of 0.79. TowneBank has a 52-week low of $25.70 and a 52-week high of $38.28.

TowneBank (NASDAQ:TOWN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. The company had revenue of $190.04 million for the quarter, compared to analyst estimates of $191.29 million. During the same quarter last year, the company posted $0.48 earnings per share. The business's quarterly revenue was up 14.9% compared to the same quarter last year. On average, sell-side analysts forecast that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Monday, March 31st were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.00 annualized dividend and a dividend yield of 3.01%. TowneBank's dividend payout ratio (DPR) is 42.37%.

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.