Balyasny Asset Management L.P. Increases Stock Position in TowneBank (NASDAQ:TOWN)

Balyasny Asset Management L.P. boosted its stake in shares of TowneBank (NASDAQ:TOWN - Free Report) by 201.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 62,130 shares of the bank's stock after acquiring an additional 41,490 shares during the period. Balyasny Asset Management L.P. owned 0.08% of TowneBank worth $2,116,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management bought a new stake in shares of TowneBank during the 4th quarter worth approximately $28,000. Salem Investment Counselors Inc. bought a new stake in shares of TowneBank during the fourth quarter worth $34,000. Blue Trust Inc. boosted its holdings in shares of 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 acquiring an additional 1,034 shares in the last quarter. Sterling Capital Management LLC grew its position in TowneBank by 807.8% during the 4th quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank's stock worth $75,000 after acquiring an additional 1,971 shares during the last quarter. Finally, Federated Hermes Inc. acquired a new position in TowneBank in the 4th quarter worth about $82,000. 55.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on TOWN shares. Stephens restated an "equal weight" rating and set a $41.00 price target on shares of TowneBank in a report on Thursday, January 23rd. Hovde Group raised their price objective on TowneBank from $38.00 to $39.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th.

TowneBank Stock Down 0.2%

TOWN traded down $0.06 during trading on Friday, hitting $35.19. 251,107 shares of the company traded hands, compared to its average volume of 255,089. The firm has a market cap of $2.64 billion, a P/E ratio of 16.37 and a beta of 0.79. The stock's fifty day moving average is $33.16 and its 200 day moving average is $34.59. TowneBank has a one year low of $25.70 and a one year high of $38.28.

TowneBank (NASDAQ:TOWN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.07. The company had revenue of $190.04 million during the quarter, compared to analysts' expectations of $191.29 million. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. The firm's quarterly revenue was up 14.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.48 earnings per share. On average, equities research analysts forecast that TowneBank will post 2.6 EPS for the current fiscal year.

TowneBank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.07%. This is a boost from TowneBank's previous quarterly dividend of $0.25. The ex-dividend date is Friday, June 27th. TowneBank's dividend payout ratio (DPR) is currently 42.37%.

TowneBank 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.