Cubist Systematic Strategies LLC Increases Stock Holdings in TowneBank (NASDAQ:TOWN)

Cubist Systematic Strategies LLC raised its position in TowneBank (NASDAQ:TOWN) by 315.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 95,407 shares of the bank’s stock after acquiring an additional 72,464 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in TowneBank were worth $2,602,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in TOWN. State Board of Administration of Florida Retirement System grew its holdings in TowneBank by 94.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 47,696 shares of the bank’s stock valued at $1,271,000 after purchasing an additional 23,184 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of TowneBank by 92.5% during the first quarter. Russell Investments Group Ltd. now owns 181,730 shares of the bank’s stock worth $5,099,000 after acquiring an additional 87,332 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in TowneBank by 2,100.3% in the 1st quarter. Public Employees Retirement System of Ohio now owns 21,519 shares of the bank’s stock valued at $604,000 after acquiring an additional 20,541 shares during the period. Bank of New York Mellon Corp increased its stake in TowneBank by 4.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 504,926 shares of the bank’s stock valued at $13,769,000 after buying an additional 21,143 shares during the period. Finally, Edgestream Partners L.P. grew its holdings in TowneBank by 224.3% during the second quarter. Edgestream Partners L.P. now owns 47,995 shares of the bank’s stock worth $1,309,000 after acquiring an additional 33,195 shares during the period. Hedge funds and other institutional investors own 55.99% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on TOWN shares. StockNews.com raised TowneBank from a “sell” rating to a “hold” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods increased their price target on TowneBank from $30.00 to $35.00 and gave the company a “market perform” rating in a research report on Monday, July 29th.

TowneBank Stock Performance

Shares of TOWN opened at $32.93 on Monday. The company has a market capitalization of $2.47 billion, a PE ratio of 16.38 and a beta of 0.89. The company’s 50 day moving average price is $33.08 and its 200 day moving average price is $29.29. TowneBank has a 52 week low of $21.63 and a 52 week high of $35.10.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.09. TowneBank had a net margin of 15.33% and a return on equity of 7.56%. The business had revenue of $174.97 million for the quarter, compared to the consensus estimate of $172.20 million. During the same period in the prior year, the business posted $0.52 earnings per share. TowneBank’s revenue for the quarter was down 3.6% compared to the same quarter last year. On average, equities analysts forecast that TowneBank will post 2.15 earnings per share for the current fiscal year.

TowneBank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.04%. The ex-dividend date is Monday, September 30th. TowneBank’s payout ratio is presently 49.75%.

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.