Towne Bank $TOWN Shares Acquired by Squarepoint Ops LLC

Key Points

• Squarepoint Ops LLC increased its Towne Bank stake by 471.9% in the second quarter, owning 64,597 shares valued at approximately $2.34 million. Institutional investors and hedge funds collectively own 55.99% of TOWN.
• Analyst sentiment is moderately positive, with an average rating of “Moderate Buy” and a target price of $39.50. Towne Bank recently reported quarterly EPS of $0.78, slightly below the $0.79 consensus estimate, while revenue broadly exceeded expectations.
• Towne Bank declared a quarterly dividend of $0.28 per share, equivalent to $1.12 annually and a 3.0% yield. Shares recently opened at $37.35, within a 52-week range of $31.91 to $39.03.

Squarepoint Ops LLC increased its stake in shares of Towne Bank (NASDAQ:TOWN - Free Report) by 471.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,597 shares of the bank's stock after buying an additional 53,302 shares during the quarter. Squarepoint Ops LLC owned about 0.08% of Towne Bank worth $2,341,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in TOWN. Allworth Financial LP raised its stake in Towne Bank by 1.9% in the 2nd quarter. Allworth Financial LP now owns 18,032 shares of the bank's stock worth $653,000 after acquiring an additional 342 shares during the last quarter. Nykredit A S purchased a new stake in Towne Bank during the 2nd quarter valued at about $45,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Towne Bank in the second quarter valued at about $210,000. California State Teachers Retirement System increased its holdings in shares of Towne Bank by 3,774.5% in the second quarter. California State Teachers Retirement System now owns 3,752,290 shares of the bank's stock valued at $135,983,000 after purchasing an additional 3,655,443 shares during the period. Finally, AXQ Capital LP purchased a new position in shares of Towne Bank in the second quarter worth about $206,000. 55.99% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

TOWN has been the subject of a number of research reports. Zacks Research raised Towne Bank from a "strong sell" rating to a "hold" rating in a report on Monday, June 29th. Weiss Ratings upgraded shares of Towne Bank from a "buy (b+)" rating to a "buy (a-)" rating in a report on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $39.50.

Towne Bank Stock Performance

Shares of TOWN stock opened at $37.35 on Tuesday. Towne Bank has a 52-week low of $31.91 and a 52-week high of $39.03. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 0.04. The stock has a market cap of $2.95 billion, a PE ratio of 10.49 and a beta of 0.68. The business has a 50-day simple moving average of $37.19 and a 200-day simple moving average of $35.50.

Towne Bank (NASDAQ:TOWN - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The bank reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.01). Towne Bank had a net margin of 25.64% and a return on equity of 9.60%. The company had revenue of $245.72 million for the quarter, compared to analysts' expectations of $245.33 million. On average, equities analysts expect that Towne Bank will post 3.09 EPS for the current year.

Towne Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 25th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, September 25th. Towne Bank's payout ratio is 31.46%.

Towne Bank Company Profile

TowneBank is a financial services company headquartered in Suffolk, Virginia. Founded in 1999 by community leaders in Hampton Roads, the company operates as the parent of TowneBank, a community bank serving southeastern Virginia and northeastern North Carolina.

Through its banking operations, TowneBank provides personal and business deposit accounts, residential and commercial lending, cash-management services, online and mobile banking, and other financial products. Its customer base includes individuals, families, small businesses, commercial enterprises, and nonprofit organizations.

Beyond traditional banking, TowneBank offers mortgage lending, wealth management, insurance, and real estate-related services through its family of companies.

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