Northern Trust Corp Acquires 34,591 Shares of TowneBank (NASDAQ:TOWN)

Northern Trust Corp grew its position in shares of TowneBank (NASDAQ:TOWN) by 5.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 688,871 shares of the bank’s stock after acquiring an additional 34,591 shares during the quarter. Northern Trust Corp owned 0.92% of TowneBank worth $23,463,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of TowneBank by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 7,482,171 shares of the bank’s stock worth $254,843,000 after purchasing an additional 49,970 shares during the period. T. Rowe Price Investment Management Inc. increased its holdings in TowneBank by 5.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,344,673 shares of the bank’s stock worth $147,980,000 after buying an additional 210,521 shares during the last quarter. Victory Capital Management Inc. raised its position in TowneBank by 9.1% in the fourth quarter. Victory Capital Management Inc. now owns 2,155,201 shares of the bank’s stock worth $73,406,000 after acquiring an additional 180,330 shares during the period. Charles Schwab Investment Management Inc. raised its position in TowneBank by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 845,335 shares of the bank’s stock worth $28,792,000 after acquiring an additional 6,285 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in TowneBank by 6.9% in the fourth quarter. Renaissance Technologies LLC now owns 714,850 shares of the bank’s stock valued at $24,348,000 after acquiring an additional 46,400 shares during the last quarter. 55.99% of the stock is owned by institutional investors.

TowneBank Stock Performance

TowneBank stock opened at $34.77 on Tuesday. TowneBank has a fifty-two week low of $25.70 and a fifty-two week high of $38.28. The stock has a market cap of $2.61 billion, a P/E ratio of 16.17 and a beta of 0.79. The firm’s fifty day moving average price is $33.13 and its 200-day moving average price is $34.57.

TowneBank (NASDAQ:TOWN) last announced its earnings results on Wednesday, April 23rd. The bank reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. The business had revenue of $190.04 million for the quarter, compared to analyst estimates of $191.29 million. During the same period in the prior year, the company earned $0.48 EPS. The company’s quarterly revenue was up 14.9% compared to the same quarter last year. Sell-side analysts predict that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Monday, March 31st were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend was Monday, March 31st. TowneBank’s dividend payout ratio is currently 42.37%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on TOWN shares. Stephens reaffirmed an “equal weight” rating and issued a $41.00 price target on shares of TowneBank in a report on Thursday, January 23rd. Hovde Group increased their price target on shares of TowneBank from $38.00 to $39.00 and gave the stock an “outperform” rating in a report on Monday, April 28th.

About TowneBank

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.