Towne Bank (NASDAQ:TOWN) Short Interest Up 68.6% in August

Towne Bank (NASDAQ:TOWN) was the target of a significant growth in short interest in August. As of August 31st, there was short interest totaling 1,990,000 shares, a growth of 68.6% from the August 15th total of 1,180,000 shares. Based on an average daily volume of 309,000 shares, the short-interest ratio is currently 6.4 days. Approximately 2.9% of the company’s stock are sold short. Approximately 2.9% of the company’s stock are sold short. Based on an average daily volume of 309,000 shares, the short-interest ratio is currently 6.4 days.

Towne Bank Stock Down 1.0%

Shares of Towne Bank stock opened at $35.54 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.85 and a current ratio of 0.87. The stock has a market capitalization of $2.67 billion, a PE ratio of 15.45 and a beta of 0.87. Towne Bank has a 52-week low of $29.43 and a 52-week high of $38.28. The company has a 50-day simple moving average of $35.96 and a two-hundred day simple moving average of $34.51.

Towne Bank (NASDAQ:TOWN) last issued its earnings results on Wednesday, July 23rd. The bank reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.12. Towne Bank had a net margin of 16.49% and a return on equity of 8.99%. The business had revenue of $207.44 million during the quarter, compared to analysts’ expectations of $202.18 million. During the same period in the previous year, the company earned $0.57 earnings per share. The business’s revenue for the quarter was up 18.6% compared to the same quarter last year. On average, analysts anticipate that Towne Bank will post 2.6 EPS for the current fiscal year.

Towne Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Monday, September 29th will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, September 29th. Towne Bank’s payout ratio is presently 46.96%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in TOWN. EverSource Wealth Advisors LLC raised its holdings in shares of Towne Bank by 931.5% during the second quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank’s stock valued at $26,000 after purchasing an additional 680 shares during the last quarter. Abound Financial LLC purchased a new position in shares of Towne Bank during the first quarter valued at approximately $27,000. Summit Securities Group LLC purchased a new position in shares of Towne Bank during the first quarter valued at approximately $28,000. Quantbot Technologies LP purchased a new position in shares of Towne Bank during the second quarter valued at approximately $30,000. Finally, Private Trust Co. NA bought a new stake in Towne Bank during the second quarter valued at approximately $40,000. 55.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Wall Street Zen raised shares of Towne Bank from a “sell” rating to a “hold” rating in a research note on Sunday, August 3rd. Hovde Group raised their target price on shares of Towne Bank from $39.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, July 24th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Towne Bank presently has an average rating of “Moderate Buy” and a consensus price target of $40.67.

About Towne Bank

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.