Two Sigma Investments LP Sells 12,546 Shares of TowneBank (NASDAQ:TOWN)

Two Sigma Investments LP reduced its position in TowneBank (NASDAQ:TOWN - Free Report) by 40.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 18,127 shares of the bank's stock after selling 12,546 shares during the period. Two Sigma Investments LP's holdings in TowneBank were worth $617,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management purchased a new stake in TowneBank during the 4th quarter valued at $28,000. Blue Trust Inc. raised its stake in TowneBank by 258.5% during the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock valued at $47,000 after buying an additional 1,034 shares during the last quarter. Sterling Capital Management LLC raised its stake in TowneBank by 807.8% during the 4th quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank's stock valued at $75,000 after buying an additional 1,971 shares during the last quarter. Federated Hermes Inc. purchased a new stake in TowneBank during the 4th quarter valued at $82,000. Finally, Tower Research Capital LLC TRC raised its stake in TowneBank by 107.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 5,619 shares of the bank's stock valued at $191,000 after buying an additional 2,908 shares during the last quarter. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on TOWN shares. Hovde Group boosted their target price on shares of TowneBank from $38.00 to $39.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Wall Street Zen upgraded shares of TowneBank from a "sell" rating to a "hold" rating in a research note on Friday, May 30th.

TowneBank Stock Down 1.0%

TOWN stock traded down $0.34 during trading on Wednesday, reaching $34.24. The company's stock had a trading volume of 260,099 shares, compared to its average volume of 258,442. TowneBank has a 1 year low of $25.91 and a 1 year high of $38.28. The company has a market capitalization of $2.57 billion, a P/E ratio of 15.93 and a beta of 0.82. The company's fifty day moving average is $33.28 and its 200-day moving average is $34.57.

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, beating the consensus estimate of $0.61 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. The business had revenue of $190.04 million during the quarter, compared to the consensus estimate of $191.29 million. During the same quarter in the prior year, the firm earned $0.48 EPS. The business's revenue was up 14.9% on a year-over-year basis. Analysts anticipate that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend is Friday, June 27th. This is an increase from TowneBank's previous quarterly dividend of $0.25. TowneBank's dividend payout ratio is 45.76%.

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.