TowneBank (NASDAQ:TOWN) Shares Acquired by Jane Street Group LLC

Jane Street Group LLC increased its position in shares of TowneBank (NASDAQ:TOWN) by 10.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 74,965 shares of the bank’s stock after buying an additional 7,137 shares during the quarter. Jane Street Group LLC’s holdings in TowneBank were worth $2,478,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Hotchkis & Wiley Capital Management LLC raised its position in TowneBank by 1.1% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 101,330 shares of the bank’s stock valued at $3,350,000 after purchasing an additional 1,100 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in TowneBank in the 3rd quarter valued at about $73,000. De Lisle Partners LLP raised its holdings in TowneBank by 192.3% in the 3rd quarter. De Lisle Partners LLP now owns 116,625 shares of the bank’s stock valued at $3,856,000 after buying an additional 76,731 shares during the period. BNP Paribas Financial Markets lifted its position in TowneBank by 33.4% in the third quarter. BNP Paribas Financial Markets now owns 19,712 shares of the bank’s stock valued at $652,000 after buying an additional 4,931 shares during the last quarter. Finally, FMR LLC boosted its stake in TowneBank by 137.8% during the third quarter. FMR LLC now owns 4,882 shares of the bank’s stock worth $161,000 after buying an additional 2,829 shares during the period. 55.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods upgraded shares of TowneBank from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $35.00 to $40.00 in a report on Wednesday, October 2nd.

TowneBank Stock Up 0.5 %

TOWN opened at $34.32 on Monday. TowneBank has a 52 week low of $25.70 and a 52 week high of $38.28. The business has a fifty day simple moving average of $35.19 and a 200-day simple moving average of $32.53. The firm has a market cap of $2.57 billion, a P/E ratio of 17.25 and a beta of 0.91.

TowneBank (NASDAQ:TOWN) last announced its earnings results on Wednesday, October 23rd. The bank reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02. The company had revenue of $258.86 million during the quarter, compared to analysts’ expectations of $179.80 million. TowneBank had a return on equity of 7.32% and a net margin of 14.89%. During the same period last year, the business posted $0.60 EPS. Sell-side analysts expect that TowneBank will post 2.07 earnings per share for the current year.

TowneBank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.91%. The ex-dividend date is Tuesday, December 31st. TowneBank’s payout ratio is currently 50.25%.

TowneBank Profile

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.