Wellington Management Group LLP Buys New Position in TowneBank (NASDAQ:TOWN)

Wellington Management Group LLP bought a new stake in shares of TowneBank (NASDAQ:TOWN - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 672,170 shares of the bank's stock, valued at approximately $22,894,000. Wellington Management Group LLP owned about 0.90% of TowneBank as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Picton Mahoney Asset Management bought a new stake in TowneBank during the 4th quarter valued at about $28,000. Salem Investment Counselors Inc. purchased a new position in shares of TowneBank during the fourth quarter worth approximately $34,000. Blue Trust Inc. raised its stake in shares of TowneBank by 258.5% during the fourth quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock valued at $47,000 after acquiring an additional 1,034 shares in the last quarter. KBC Group NV boosted its holdings in shares of TowneBank by 28.2% in the fourth quarter. KBC Group NV now owns 3,858 shares of the bank's stock valued at $131,000 after purchasing an additional 848 shares during the period. Finally, FMR LLC grew its stake in TowneBank by 137.8% in the third quarter. FMR LLC now owns 4,882 shares of the bank's stock worth $161,000 after purchasing an additional 2,829 shares in the last quarter. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

TowneBank Stock Performance

NASDAQ:TOWN traded down $0.12 during trading hours on Friday, reaching $30.64. The company's stock had a trading volume of 362,953 shares, compared to its average volume of 258,661. The stock has a 50 day moving average price of $34.74 and a two-hundred day moving average price of $34.67. The company has a market capitalization of $2.30 billion, a P/E ratio of 14.25 and a beta of 0.79. TowneBank has a 12 month low of $25.70 and a 12 month high of $38.28.

TowneBank (NASDAQ:TOWN - Get Free Report) last released its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, topping 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, analysts predict that TowneBank will post 2.6 EPS for the current fiscal year.

TowneBank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Monday, March 31st were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date was Monday, March 31st. TowneBank's dividend payout ratio is currently 46.51%.

Wall Street Analyst Weigh In

TOWN has been the subject of a number of research analyst reports. Hovde Group raised TowneBank from a "market perform" rating to an "outperform" rating and decreased their target price for the company from $39.00 to $38.00 in a research report on Friday, April 4th. Stephens restated an "equal weight" rating and issued a $41.00 price objective on shares of TowneBank in a report on Thursday, January 23rd.

TowneBank Company 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.