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

Cubist Systematic Strategies LLC lifted its holdings in TowneBank (NASDAQ:TOWN) by 315.8% in the 2nd quarter, Holdings Channel reports. The firm owned 95,407 shares of the bank’s stock after acquiring an additional 72,464 shares during the period. Cubist Systematic Strategies LLC’s holdings in TowneBank were worth $2,602,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TOWN. Innealta Capital LLC bought a new position in TowneBank during the 2nd quarter valued at about $62,000. Point72 DIFC Ltd bought a new stake in shares of TowneBank in the second quarter worth $73,000. Heritage Wealth Advisors increased its position in TowneBank by 2,973.3% during the first quarter. Heritage Wealth Advisors now owns 3,565 shares of the bank’s stock valued at $100,000 after acquiring an additional 3,449 shares during the last quarter. EMC Capital Management lifted its holdings in TowneBank by 230.4% in the first quarter. EMC Capital Management now owns 5,703 shares of the bank’s stock valued at $160,000 after acquiring an additional 3,977 shares during the period. Finally, Bessemer Group Inc. boosted its position in TowneBank by 45.2% in the first quarter. Bessemer Group Inc. now owns 6,817 shares of the bank’s stock worth $191,000 after purchasing an additional 2,121 shares during the last quarter. 55.99% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

TOWN has been the topic of several recent research reports. StockNews.com upgraded shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods raised TowneBank from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $35.00 to $40.00 in a report on Wednesday, October 2nd.

TowneBank Price Performance

Shares of TOWN stock opened at $34.15 on Friday. TowneBank has a one year low of $21.63 and a one year high of $35.10. The company’s fifty day moving average price is $33.12 and its 200-day moving average price is $29.68. The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of 16.91 and a beta of 0.89.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09. TowneBank had a return on equity of 7.56% and a net margin of 15.33%. The business had revenue of $174.97 million for the quarter, compared to analysts’ expectations of $172.20 million. During the same period last year, the firm earned $0.52 earnings per share. The business’s quarterly revenue was down 3.6% on a year-over-year basis. Equities research analysts expect that TowneBank will post 2.12 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a $0.25 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 2.93%. TowneBank’s dividend payout ratio is presently 49.51%.

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.