Algert Global LLC Invests $205,000 in TowneBank (NASDAQ:TOWN)

Algert Global LLC bought a new position in TowneBank (NASDAQ:TOWN) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 7,531 shares of the bank’s stock, valued at approximately $205,000.

A number of other hedge funds also recently bought and sold shares of TOWN. Innealta Capital LLC purchased a new stake in TowneBank in the second quarter worth $62,000. Point72 DIFC Ltd purchased a new stake in TowneBank in the second quarter worth $73,000. Heritage Wealth Advisors grew its stake in shares of TowneBank by 2,973.3% in the first quarter. Heritage Wealth Advisors now owns 3,565 shares of the bank’s stock worth $100,000 after acquiring an additional 3,449 shares during the last quarter. EMC Capital Management grew its stake in shares of TowneBank by 230.4% in the first quarter. EMC Capital Management now owns 5,703 shares of the bank’s stock worth $160,000 after acquiring an additional 3,977 shares during the last quarter. Finally, Bessemer Group Inc. grew its stake in shares of 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 acquiring an additional 2,121 shares during the last quarter. Institutional investors own 55.99% of the company’s stock.

TowneBank Stock Down 0.4 %

NASDAQ TOWN opened at $33.02 on Friday. The stock’s 50-day moving average price is $33.07 and its 200-day moving average price is $29.64. TowneBank has a 52 week low of $21.63 and a 52 week high of $35.10. The company has a market capitalization of $2.48 billion, a P/E ratio of 16.43 and a beta of 0.89.

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

TowneBank Dividend Announcement

The firm also recently announced 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 dividend yield of 3.03%. The ex-dividend date is Monday, September 30th. TowneBank’s dividend payout ratio is currently 49.75%.

Analyst Upgrades and Downgrades

TOWN has been the topic of several recent analyst reports. StockNews.com raised 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 increased their target price for the company from $35.00 to $40.00 in a report on Wednesday, October 2nd.

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.