Point72 DIFC Ltd Purchases New Shares in TowneBank (NASDAQ:TOWN)

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

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Edgestream Partners L.P. raised its holdings in shares of TowneBank by 224.3% in the second quarter. Edgestream Partners L.P. now owns 47,995 shares of the bank’s stock valued at $1,309,000 after buying an additional 33,195 shares during the last quarter. Renaissance Technologies LLC increased its position in TowneBank by 1.3% in the 2nd quarter. Renaissance Technologies LLC now owns 638,241 shares of the bank’s stock valued at $17,405,000 after acquiring an additional 8,100 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of TowneBank by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 4,269,588 shares of the bank’s stock worth $116,431,000 after acquiring an additional 119,459 shares during the last quarter. American Century Companies Inc. raised its stake in shares of TowneBank by 0.3% in the second quarter. American Century Companies Inc. now owns 784,909 shares of the bank’s stock worth $21,404,000 after acquiring an additional 2,676 shares during the last quarter. Finally, Choreo LLC lifted its position in shares of TowneBank by 27.6% during the second quarter. Choreo LLC now owns 29,592 shares of the bank’s stock worth $799,000 after purchasing an additional 6,400 shares in the last quarter. Institutional investors and hedge funds own 55.99% of the company’s stock.

TowneBank Trading Down 0.1 %

Shares of NASDAQ TOWN opened at $32.93 on Friday. TowneBank has a 1 year low of $21.63 and a 1 year high of $35.10. The firm’s 50-day moving average is $33.08 and its 200-day moving average is $29.27. The firm has a market capitalization of $2.47 billion, a PE ratio of 16.38 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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09. The firm had revenue of $174.97 million for the quarter, compared to analysts’ expectations of $172.20 million. TowneBank had a net margin of 15.33% and a return on equity of 7.56%. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period last year, the firm earned $0.52 earnings per share. As a group, equities research analysts anticipate that TowneBank will post 2.15 earnings per share for the current fiscal year.

TowneBank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.04%. TowneBank’s dividend payout ratio (DPR) is presently 49.75%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. StockNews.com raised shares of TowneBank from a “sell” rating to a “hold” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods lifted their target price on TowneBank from $30.00 to $35.00 and gave the company a “market perform” rating in a research note on Monday, July 29th.

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.