Bank of New York Mellon Corp boosted its stake in TowneBank (NASDAQ:TOWN) by 2.6% in the fourth quarter, HoldingsChannel reports. The firm owned 596,930 shares of the bank’s stock after purchasing an additional 15,130 shares during the quarter. Bank of New York Mellon Corp’s holdings in TowneBank were worth $18,355,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of TOWN. Russell Investments Group Ltd. raised its stake in TowneBank by 35.4% in the third quarter. Russell Investments Group Ltd. now owns 40,875 shares of the bank’s stock valued at $1,369,000 after purchasing an additional 10,697 shares in the last quarter. SG Americas Securities LLC raised its stake in TowneBank by 63.0% in the third quarter. SG Americas Securities LLC now owns 7,644 shares of the bank’s stock valued at $256,000 after purchasing an additional 2,954 shares in the last quarter. Ameriprise Financial Inc. raised its stake in TowneBank by 0.7% in the third quarter. Ameriprise Financial Inc. now owns 356,478 shares of the bank’s stock valued at $11,943,000 after purchasing an additional 2,400 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its stake in TowneBank by 1,222.6% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 70,100 shares of the bank’s stock valued at $2,348,000 after purchasing an additional 64,800 shares in the last quarter. Finally, American International Group Inc. raised its stake in TowneBank by 8.1% in the third quarter. American International Group Inc. now owns 37,923 shares of the bank’s stock valued at $1,270,000 after purchasing an additional 2,836 shares in the last quarter. 38.72% of the stock is owned by institutional investors and hedge funds.

TowneBank (NASDAQ:TOWN) opened at $28.75 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.96 and a current ratio of 1.02. The company has a market capitalization of $2,125.78, a PE ratio of 18.91 and a beta of 1.02. TowneBank has a 52 week low of $28.20 and a 52 week high of $35.30.

TowneBank (NASDAQ:TOWN) last issued its earnings results on Thursday, January 25th. The bank reported $0.37 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.01. The firm had revenue of $109.14 million during the quarter, compared to the consensus estimate of $108.16 million. TowneBank had a return on equity of 8.73% and a net margin of 17.77%. sell-side analysts forecast that TowneBank will post 1.98 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 10th. Shareholders of record on Thursday, March 29th will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.95%. The ex-dividend date is Wednesday, March 28th. TowneBank’s payout ratio is 39.72%.

A number of research analysts recently commented on TOWN shares. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $35.00 price target on shares of TowneBank in a research note on Tuesday, January 9th. BidaskClub downgraded TowneBank from a “sell” rating to a “strong sell” rating in a research note on Friday, January 26th. Zacks Investment Research raised TowneBank from a “hold” rating to a “buy” rating and set a $35.00 price target for the company in a research note on Wednesday, January 31st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $35.00 price target on shares of TowneBank in a research note on Friday, December 22nd. Finally, Sandler O’Neill reaffirmed a “hold” rating and issued a $32.00 price target on shares of TowneBank in a research note on Tuesday, February 6th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $34.25.

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About TowneBank

TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.

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Institutional Ownership by Quarter for TowneBank (NASDAQ:TOWN)

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