Wells Fargo & Company MN Buys 19,847 Shares of TowneBank (NASDAQ:TOWN)

Wells Fargo & Company MN grew its holdings in TowneBank (NASDAQ:TOWN - Free Report) by 40.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 69,269 shares of the bank's stock after purchasing an additional 19,847 shares during the quarter. Wells Fargo & Company MN owned about 0.09% of TowneBank worth $2,359,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in TOWN. Barclays PLC increased its position in TowneBank by 90.8% in the 3rd quarter. Barclays PLC now owns 143,914 shares of the bank's stock worth $4,758,000 after buying an additional 68,479 shares during the period. JPMorgan Chase & Co. increased its position in TowneBank by 16.1% during the third quarter. JPMorgan Chase & Co. now owns 361,960 shares of the bank's stock worth $11,966,000 after acquiring an additional 50,149 shares during the period. Harbor Capital Advisors Inc. raised its stake in TowneBank by 1.9% during the 4th quarter. Harbor Capital Advisors Inc. now owns 20,073 shares of the bank's stock valued at $684,000 after purchasing an additional 383 shares during the last quarter. Salem Investment Counselors Inc. acquired a new position in shares of TowneBank during the fourth quarter valued at about $34,000. Finally, Blue Trust Inc. lifted its position in shares of TowneBank by 258.5% in the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock worth $47,000 after acquiring an additional 1,034 shares during the period. 55.99% of the stock is currently owned by institutional investors.

TowneBank Trading Up 0.7 %

Shares of NASDAQ:TOWN traded up $0.25 during midday trading on Tuesday, hitting $33.15. The company had a trading volume of 107,953 shares, compared to its average volume of 254,502. TowneBank has a 12 month low of $25.70 and a 12 month high of $38.28. The firm has a fifty day simple moving average of $33.64 and a 200 day simple moving average of $34.61. The stock has a market cap of $2.49 billion, a price-to-earnings ratio of 15.42 and a beta of 0.79.

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

TowneBank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Monday, March 31st were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a yield of 3.02%. TowneBank's payout ratio is 42.37%.

Wall Street Analyst Weigh In

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

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.