Towne Bank (NASDAQ:TOWN) Short Interest Update

Key Points

• Towne Bank's short interest surged by 68.6% in August, reaching a total of 1,990,000 shares which represents 2.9% of its shares; the short-interest ratio is currently 6.4 days.
• Hedge funds have significantly increased their holdings in Towne Bank, with several companies like EverSource Wealth Advisors boosting their stakes by as much as 931.5%.
• Analysts have provided a positive outlook for Towne Bank, with ratings showing a consensus of "Moderate Buy" and a target price of $40.67, following recent upgrades including from Hovde Group.

Towne Bank (NASDAQ:TOWN - Get Free Report) was the recipient of a large increase in short interest in the month of August. As of August 31st, there was short interest totaling 1,990,000 shares, an increase of 68.6% from the August 15th total of 1,180,000 shares. Based on an average trading volume of 309,000 shares, the short-interest ratio is presently 6.4 days. Currently, 2.9% of the shares of the company are short sold. Currently, 2.9% of the shares of the company are short sold. Based on an average trading volume of 309,000 shares, the short-interest ratio is presently 6.4 days.

Institutional Trading of Towne Bank

Hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC lifted its holdings in Towne Bank by 931.5% during the second quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank's stock worth $26,000 after buying an additional 680 shares during the period. Abound Financial LLC acquired a new stake in Towne Bank in the first quarter valued at approximately $27,000. Summit Securities Group LLC acquired a new stake in Towne Bank in the first quarter valued at approximately $28,000. Quantbot Technologies LP acquired a new stake in Towne Bank in the second quarter valued at approximately $30,000. Finally, Private Trust Co. NA purchased a new position in shares of Towne Bank in the second quarter worth $40,000. Hedge funds and other institutional investors own 55.99% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Towne Bank from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. Hovde Group boosted their price objective on shares of Towne Bank from $39.00 to $41.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.67.

Towne Bank Price Performance

Shares of TOWN stock opened at $35.89 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.87 and a quick ratio of 0.85. The company has a market capitalization of $2.69 billion, a P/E ratio of 15.60 and a beta of 0.87. The company's 50-day simple moving average is $35.96 and its two-hundred day simple moving average is $34.52. Towne Bank has a one year low of $29.43 and a one year high of $38.28.

Towne Bank (NASDAQ:TOWN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.81 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.12. The company had revenue of $207.44 million during the quarter, compared to the consensus estimate of $202.18 million. Towne Bank had a net margin of 16.49% and a return on equity of 8.99%. Towne Bank's revenue for the quarter was up 18.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.57 earnings per share. As a group, equities analysts anticipate that Towne Bank will post 2.6 EPS for the current year.

Towne Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Monday, September 29th will be issued a dividend of $0.27 per share. The ex-dividend date is Monday, September 29th. This represents a $1.08 dividend on an annualized basis and a yield of 3.0%. Towne Bank's dividend payout ratio is currently 46.96%.

Towne Bank Company 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.

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