Short Interest in TowneBank (NASDAQ:TOWN) Increases By 33.5%

TowneBank (NASDAQ:TOWNGet Free Report) saw a large increase in short interest in the month of February. As of February 28th, there was short interest totalling 888,800 shares, an increase of 33.5% from the February 13th total of 665,900 shares. Currently, 1.3% of the company’s stock are short sold. Based on an average daily volume of 230,600 shares, the days-to-cover ratio is currently 3.9 days.

Institutional Trading of TowneBank

Institutional investors have recently bought and sold shares of the company. Picton Mahoney Asset Management acquired a new position in TowneBank in the 4th quarter worth about $28,000. Salem Investment Counselors Inc. acquired a new stake in shares of TowneBank during the 4th quarter valued at about $34,000. Blue Trust Inc. grew its stake in shares of TowneBank by 258.5% in the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank’s stock valued at $47,000 after buying an additional 1,034 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in TowneBank in the third quarter worth approximately $73,000. Finally, Sterling Capital Management LLC raised its position in TowneBank by 807.8% during the fourth quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank’s stock valued at $75,000 after acquiring an additional 1,971 shares in the last quarter. Institutional investors and hedge funds own 55.99% of the company’s stock.

TowneBank Stock Down 0.5 %

Shares of TOWN traded down $0.19 during trading hours on Tuesday, reaching $34.63. The company’s stock had a trading volume of 14,488 shares, compared to its average volume of 240,120. The company has a 50 day moving average of $35.36 and a two-hundred day moving average of $34.80. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of 16.11 and a beta of 0.88. TowneBank has a 1-year low of $25.70 and a 1-year high of $38.28.

TowneBank (NASDAQ:TOWNGet Free Report) last announced its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, beating analysts’ consensus estimates 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, analysts forecast that TowneBank will post 2.6 EPS for the current fiscal year.

TowneBank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Monday, March 31st will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, March 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.89%. TowneBank’s dividend payout ratio is 46.51%.

Wall Street Analysts Forecast Growth

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

Check Out Our Latest Analysis on TOWN

About TowneBank

(Get Free Report)

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.

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