Dark Forest Capital Management LP Invests $655,000 in TowneBank (NASDAQ:TOWN)

Dark Forest Capital Management LP bought a new position 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 fund bought 19,232 shares of the bank's stock, valued at approximately $655,000.

Other institutional investors also recently modified their holdings of the company. Picton Mahoney Asset Management bought a new stake in shares of TowneBank in the 4th quarter valued at approximately $28,000. Salem Investment Counselors Inc. bought a new position in TowneBank in the 4th quarter worth approximately $34,000. Blue Trust Inc. raised its position in shares of TowneBank by 258.5% during the fourth 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 last quarter. Sterling Capital Management LLC raised its holdings in TowneBank by 807.8% during the 4th quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank's stock worth $75,000 after purchasing an additional 1,971 shares during the last quarter. Finally, Federated Hermes Inc. acquired a new position in TowneBank in the fourth quarter valued at approximately $82,000. Institutional investors and hedge funds own 55.99% of the company's stock.

TowneBank Price Performance

TOWN stock traded up $0.01 during trading hours on Thursday, reaching $32.96. The stock had a trading volume of 78,341 shares, compared to its average volume of 257,553. TowneBank has a fifty-two week low of $25.70 and a fifty-two week high of $38.28. The stock has a market capitalization of $2.47 billion, a PE ratio of 15.33 and a beta of 0.79. The stock has a 50-day simple moving average of $33.50 and a 200 day simple moving average of $34.59.

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

TowneBank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Monday, March 31st were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend was Monday, March 31st. TowneBank's dividend payout ratio is 42.37%.

Analyst Ratings Changes

Several research firms have weighed in on TOWN. Hovde Group increased their target price on TowneBank from $38.00 to $39.00 and gave the company an "outperform" rating in a research note on Monday. Stephens reissued an "equal weight" rating and issued a $41.00 target price on shares of TowneBank in a research report on Thursday, January 23rd.

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.