TowneBank (NASDAQ:TOWN) Short Interest Update

TowneBank (NASDAQ:TOWN) was the target of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 638,700 shares, a drop of 19.1% from the January 15th total of 789,400 shares. Based on an average daily trading volume, of 246,300 shares, the days-to-cover ratio is presently 2.6 days.

Analyst Upgrades and Downgrades

Separately, Stephens reiterated an “equal weight” rating and issued a $41.00 target price on shares of TowneBank in a research note on Thursday, January 23rd.

Institutional Trading of TowneBank

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of TowneBank by 2.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 17,067 shares of the bank’s stock valued at $581,000 after acquiring an additional 365 shares in the last quarter. Ameritas Investment Partners Inc. lifted its holdings in TowneBank by 5.4% during the 4th quarter. Ameritas Investment Partners Inc. now owns 7,354 shares of the bank’s stock valued at $250,000 after purchasing an additional 376 shares during the last quarter. Harbor Capital Advisors Inc. lifted its holdings in TowneBank by 1.9% during the 4th quarter. Harbor Capital Advisors Inc. now owns 20,073 shares of the bank’s stock valued at $684,000 after purchasing an additional 383 shares during the last quarter. Choreo LLC lifted its holdings in TowneBank by 1.3% during the 4th quarter. Choreo LLC now owns 30,112 shares of the bank’s stock valued at $1,033,000 after purchasing an additional 383 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in TowneBank by 0.3% during the 4th quarter. Invesco Ltd. now owns 167,173 shares of the bank’s stock valued at $5,694,000 after purchasing an additional 430 shares during the last quarter. 55.99% of the stock is currently owned by institutional investors and hedge funds.

TowneBank Stock Down 0.2 %

NASDAQ TOWN traded down $0.09 during midday trading on Friday, hitting $36.84. The company had a trading volume of 189,114 shares, compared to its average volume of 195,885. The stock has a market cap of $2.76 billion, a price-to-earnings ratio of 17.13 and a beta of 0.93. The firm has a fifty day simple moving average of $35.09 and a two-hundred day simple moving average of $34.32. TowneBank has a fifty-two week low of $25.70 and a fifty-two week high of $38.28.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.55 earnings per share (EPS) for the quarter, topping 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%. As a group, equities analysts predict that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st were given a $0.25 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 2.71%. TowneBank’s dividend payout ratio is 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.