TowneBank (NASDAQ:TOWN - Get Free Report) was the target of a large increase in short interest during the month of April. As of April 30th, there was short interest totalling 646,600 shares, an increase of 23.3% from the April 15th total of 524,600 shares. Approximately 1.0% of the company's stock are sold short. Based on an average trading volume of 254,900 shares, the days-to-cover ratio is currently 2.5 days.
Institutional Trading of TowneBank
A number of large investors have recently bought and sold shares of TOWN. Edgestream Partners L.P. acquired a new stake in TowneBank during the 1st quarter worth approximately $415,000. State Board of Administration of Florida Retirement System lifted its holdings in shares of TowneBank by 94.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 47,696 shares of the bank's stock worth $1,271,000 after purchasing an additional 23,184 shares during the period. Heritage Wealth Advisors grew its position in TowneBank by 2,973.3% in the 1st quarter. Heritage Wealth Advisors now owns 3,565 shares of the bank's stock valued at $100,000 after buying an additional 3,449 shares during the last quarter. ProShare Advisors LLC increased its stake in TowneBank by 8.6% in the 1st quarter. ProShare Advisors LLC now owns 12,617 shares of the bank's stock valued at $354,000 after buying an additional 1,000 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in TowneBank by 92.5% in the 1st quarter. Russell Investments Group Ltd. now owns 181,730 shares of the bank's stock valued at $5,099,000 after buying an additional 87,332 shares during the period. Institutional investors and hedge funds own 55.99% of the company's stock.
TowneBank Stock Performance
Shares of TOWN stock traded down $0.15 during mid-day trading on Monday, hitting $27.30. 211,624 shares of the stock were exchanged, compared to its average volume of 244,115. TowneBank has a 12-month low of $21.63 and a 12-month high of $31.08. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 0.88. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of 13.66 and a beta of 0.89. The stock's fifty day simple moving average is $27.01 and its two-hundred day simple moving average is $27.48.
TowneBank (NASDAQ:TOWN - Get Free Report) last released its quarterly earnings results on Wednesday, April 24th. The bank reported $0.48 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.48. TowneBank had a return on equity of 7.51% and a net margin of 15.50%. The firm had revenue of $167.10 million for the quarter, compared to the consensus estimate of $169.68 million. During the same quarter last year, the business posted $0.62 EPS. The firm's quarterly revenue was down 9.2% compared to the same quarter last year. On average, analysts forecast that TowneBank will post 2.08 EPS for the current year.
TowneBank Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were given a $0.25 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $1.00 annualized dividend and a yield of 3.66%. TowneBank's dividend payout ratio (DPR) is 49.75%.
Analyst Ratings Changes
Separately, StockNews.com cut shares of TowneBank from a "hold" rating to a "sell" rating in a report on Thursday, February 8th.
Check Out Our Latest Stock Analysis on TOWN
TowneBank Company Profile
(
Get Free Report)
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.
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