Point72 DIFC Ltd Takes Position in TowneBank (NASDAQ:TOWN)

Point72 DIFC Ltd purchased a new stake in shares of TowneBank (NASDAQ:TOWN) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 2,674 shares of the bank’s stock, valued at approximately $73,000.

Other large investors have also recently added to or reduced their stakes in the company. TFO Wealth Partners LLC increased its stake in TowneBank by 43,600.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,311 shares of the bank’s stock worth $39,000 after acquiring an additional 1,308 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of TowneBank during the 2nd quarter worth about $62,000. Heritage Wealth Advisors raised its holdings in TowneBank by 2,973.3% in the 1st quarter. Heritage Wealth Advisors now owns 3,565 shares of the bank’s stock valued at $100,000 after buying an additional 3,449 shares during the period. EMC Capital Management lifted its position 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 buying an additional 3,977 shares during the last quarter. Finally, Bessemer Group Inc. lifted its position in TowneBank by 45.2% in the first quarter. Bessemer Group Inc. now owns 6,817 shares of the bank’s stock valued at $191,000 after buying an additional 2,121 shares during the last quarter. 55.99% of the stock is currently owned by institutional investors and hedge funds.

TowneBank Stock Up 1.4 %

Shares of NASDAQ:TOWN opened at $32.44 on Thursday. TowneBank has a fifty-two week low of $21.63 and a fifty-two week high of $35.10. The firm’s 50 day moving average price is $33.09 and its 200 day moving average price is $29.38. The stock has a market cap of $2.43 billion, a price-to-earnings ratio of 16.14 and a beta of 0.89.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09. The business had revenue of $174.97 million for the quarter, compared to analyst estimates of $172.20 million. TowneBank had a net margin of 15.33% and a return on equity of 7.56%. The company’s revenue was down 3.6% on a year-over-year basis. During the same period last year, the business earned $0.52 EPS. On average, equities analysts anticipate that TowneBank will post 2.15 EPS for the current year.

TowneBank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 3.08%. TowneBank’s dividend payout ratio is currently 49.75%.

Analyst Ratings Changes

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

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.