Cubist Systematic Strategies LLC Purchases New Position in Towne Bank $TOWN

Key Points

• Cubist Systematic Strategies LLC has acquired 38,862 shares of Towne Bank (NASDAQ: TOWN), valued at approximately $1.33 million, increasing its ownership to about 0.05% as of its latest SEC filing.
• Towne Bank reported earnings per share of $0.81 for the last quarter, surpassing analyst expectations and showcasing an 18.6% increase in revenue compared to the same period last year.
• The bank declared a quarterly dividend of $0.27, providing a yield of 3.0%, with the payout scheduled for October 10th to shareholders on record by September 29th.

Cubist Systematic Strategies LLC bought a new stake in Towne Bank (NASDAQ:TOWN - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 38,862 shares of the bank's stock, valued at approximately $1,329,000. Cubist Systematic Strategies LLC owned approximately 0.05% of Towne Bank as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Abound Financial LLC purchased a new stake in Towne Bank in the 1st quarter valued at approximately $27,000. Summit Securities Group LLC purchased a new stake in Towne Bank in the 1st quarter valued at approximately $28,000. Nisa Investment Advisors LLC lifted its stake in Towne Bank by 32.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the bank's stock valued at $98,000 after buying an additional 700 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Towne Bank by 2,332.2% during the 1st quarter. GAMMA Investing LLC now owns 3,624 shares of the bank's stock worth $124,000 after purchasing an additional 3,475 shares during the period. Finally, Bessemer Group Inc. lifted its stake in shares of Towne Bank by 137.0% during the 1st quarter. Bessemer Group Inc. now owns 5,121 shares of the bank's stock worth $175,000 after purchasing an additional 2,960 shares during the period. Hedge funds and other institutional investors own 55.99% of the company's stock.

Towne Bank Trading Down 1.0%

Shares of TOWN traded down $0.35 during trading hours on Friday, hitting $35.85. The stock had a trading volume of 40,070 shares, compared to its average volume of 270,414. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.85 and a current ratio of 0.87. The firm has a market cap of $2.69 billion, a P/E ratio of 15.59 and a beta of 0.87. The company's fifty day simple moving average is $35.97 and its 200 day simple moving average is $34.55. Towne Bank has a 12-month low of $29.43 and a 12-month high of $38.28.

Towne Bank (NASDAQ:TOWN - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The bank reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.12. The business had revenue of $207.44 million for the quarter, compared to analyst estimates of $202.18 million. Towne Bank had a return on equity of 8.99% and a net margin of 16.49%.The business's quarterly revenue was up 18.6% on a year-over-year basis. During the same period last year, the company posted $0.57 EPS. Equities research analysts forecast that Towne Bank will post 2.6 EPS for the current fiscal year.

Towne Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Monday, September 29th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, September 29th. Towne Bank's dividend payout ratio (DPR) is 46.96%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TOWN. Wall Street Zen raised Towne Bank from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Hovde Group increased their price target on Towne Bank from $39.00 to $41.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $40.67.

About Towne Bank

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.