Dynamic Technology Lab Private Ltd Acquires New Holdings in TowneBank (NASDAQ:TOWN)

Dynamic Technology Lab Private Ltd bought a new position in TowneBank (NASDAQ:TOWN) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 17,611 shares of the bank’s stock, valued at approximately $582,000.

Several other large investors have also recently bought and sold shares of the company. Oak Harbor Wealth Partners LLC boosted its stake in TowneBank by 7.0% during the second quarter. Oak Harbor Wealth Partners LLC now owns 8,408 shares of the bank’s stock valued at $229,000 after buying an additional 549 shares during the period. SummerHaven Investment Management LLC raised its holdings in shares of TowneBank by 1.9% in the 2nd quarter. SummerHaven Investment Management LLC now owns 31,187 shares of the bank’s stock valued at $850,000 after acquiring an additional 569 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of TowneBank by 6.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 9,753 shares of the bank’s stock valued at $322,000 after acquiring an additional 617 shares during the last quarter. First Western Trust Bank grew its holdings in shares of TowneBank by 4.3% during the third quarter. First Western Trust Bank now owns 18,123 shares of the bank’s stock worth $599,000 after purchasing an additional 745 shares in the last quarter. Finally, AMG National Trust Bank increased its position in shares of TowneBank by 1.6% in the third quarter. AMG National Trust Bank now owns 50,929 shares of the bank’s stock worth $1,684,000 after purchasing an additional 822 shares during the last quarter. 55.99% of the stock is owned by institutional investors.

TowneBank Stock Down 0.9 %

NASDAQ TOWN opened at $36.68 on Friday. The stock’s 50-day simple moving average is $34.14 and its two-hundred day simple moving average is $31.45. TowneBank has a twelve month low of $25.70 and a twelve month high of $37.77. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of 18.43 and a beta of 0.89.

TowneBank (NASDAQ:TOWN) last released its earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. The company had revenue of $258.86 million during the quarter, compared to the consensus estimate of $179.80 million. TowneBank had a return on equity of 7.32% and a net margin of 14.89%. During the same quarter in the previous year, the company posted $0.60 EPS. On average, equities analysts expect that TowneBank will post 2.07 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods upgraded shares of TowneBank from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $35.00 to $40.00 in a research report on Wednesday, October 2nd.

TowneBank Company 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.