Quantbot Technologies LP Takes Position in TowneBank (NASDAQ:TOWN)

Quantbot Technologies LP bought a new position in shares of TowneBank (NASDAQ:TOWN) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 8,866 shares of the bank’s stock, valued at approximately $302,000.

Other large investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its holdings in TowneBank by 16.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 361,960 shares of the bank’s stock valued at $11,966,000 after buying an additional 50,149 shares in the last quarter. Geode Capital Management LLC grew its stake in TowneBank by 1.1% during the third quarter. Geode Capital Management LLC now owns 1,685,643 shares of the bank’s stock valued at $55,738,000 after acquiring an additional 18,929 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in TowneBank by 0.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 839,050 shares of the bank’s stock valued at $27,739,000 after acquiring an additional 7,738 shares in the last quarter. Jane Street Group LLC increased its holdings in TowneBank by 10.5% in the 3rd quarter. Jane Street Group LLC now owns 74,965 shares of the bank’s stock valued at $2,478,000 after acquiring an additional 7,137 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new stake in TowneBank in the 3rd quarter worth $322,000. 55.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Stephens restated an “equal weight” rating and set a $41.00 price objective on shares of TowneBank in a research report on Thursday, January 23rd.

TowneBank Price Performance

Shares of TOWN opened at $34.45 on Friday. The stock has a market capitalization of $2.58 billion, a price-to-earnings ratio of 16.02 and a beta of 0.88. TowneBank has a 1 year low of $25.70 and a 1 year high of $38.28. The business’s 50 day simple moving average is $35.64 and its 200-day simple moving average is $34.85.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.48 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. On average, sell-side analysts expect that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a yield of 2.90%. TowneBank’s dividend payout ratio (DPR) is presently 46.51%.

About TowneBank

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.