TowneBank (NASDAQ:TOWN) Short Interest Update

30 Sep 2024, 10:19 by Sarita Garza · The Markets Daily

TowneBank (NASDAQ:TOWN – Get Free Report) was the target of a significant decline in short interest in September. As of September 15th, there was short interest totalling 726,600 shares, a decline of 16.8% from the August 31st total of 872,900 shares. Approximately 1.0% of the company’s stock are short sold. Based on an average trading volume of 293,400 shares, the short-interest ratio is currently 2.5 days.

Wall Street Analysts Forecast Growth

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

Check Out Our Latest Analysis on TOWN

TowneBank Price Performance

TOWN opened at $32.93 on Monday. The firm has a market cap of $2.47 billion, a PE ratio of 16.38 and a beta of 0.89. The stock has a 50-day moving average price of $33.08 and a 200-day moving average price of $29.29. TowneBank has a 1 year low of $21.63 and a 1 year high of $35.10.

TowneBank (NASDAQ:TOWN – Get Free Report) last issued its earnings results on Wednesday, July 24th. The bank reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.09. TowneBank had a net margin of 15.33% and a return on equity of 7.56%. The firm had revenue of $174.97 million for the quarter, compared to the consensus estimate of $172.20 million. The business’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.52 earnings per share. As a group, sell-side analysts anticipate that TowneBank will post 2.15 EPS for the current year.

TowneBank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders 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 annualized dividend and a yield of 3.04%. TowneBank’s dividend payout ratio is 49.75%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its position in TowneBank by 2.9% during the second quarter. Dimensional Fund Advisors LP now owns 4,269,588 shares of the bank’s stock valued at $116,431,000 after purchasing an additional 119,459 shares during the period. American Century Companies Inc. lifted its holdings in shares of TowneBank by 0.3% during the 2nd quarter. American Century Companies Inc. now owns 784,909 shares of the bank’s stock valued at $21,404,000 after buying an additional 2,676 shares during the period. Renaissance Technologies LLC boosted its stake in shares of TowneBank by 1.3% in the 2nd quarter. Renaissance Technologies LLC now owns 638,241 shares of the bank’s stock worth $17,405,000 after buying an additional 8,100 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of TowneBank by 4.4% in the second quarter. Bank of New York Mellon Corp now owns 504,926 shares of the bank’s stock worth $13,769,000 after acquiring an additional 21,143 shares during the period. Finally, Norges Bank purchased a new stake in TowneBank during the fourth quarter valued at $10,851,000. Hedge funds and other institutional investors own 55.99% of the company’s stock.

TowneBank Company Profile

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