Dynamic Technology Lab Private Ltd Buys Shares of 17,611 TowneBank (NASDAQ:TOWN)

Dynamic Technology Lab Private Ltd bought a new position in shares of TowneBank (NASDAQ:TOWN - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 17,611 shares of the bank's stock, valued at approximately $582,000.

Several other institutional investors have also bought and sold shares of TOWN. Innealta Capital LLC bought a new position in shares of TowneBank during the second quarter valued at $62,000. Point72 DIFC Ltd bought a new position in TowneBank during the 2nd quarter valued at about $73,000. KBC Group NV acquired a new position in TowneBank in the third quarter valued at about $100,000. Algert Global LLC bought a new stake in TowneBank during the second quarter worth about $205,000. Finally, Signature Estate & Investment Advisors LLC acquired a new stake in shares of TowneBank during the third quarter worth approximately $222,000. Institutional investors and hedge funds own 55.99% of the company's stock.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised TowneBank from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $35.00 to $40.00 in a report on Wednesday, October 2nd.

TowneBank Trading Down 0.1 %

Shares of TowneBank stock traded down $0.05 during trading on Friday, reaching $36.63. The company's stock had a trading volume of 163,269 shares, compared to its average volume of 254,911. TowneBank has a one year low of $25.70 and a one year high of $37.77. The stock has a 50-day moving average price of $34.17 and a two-hundred day moving average price of $31.49. The stock has a market capitalization of $2.75 billion, a P/E ratio of 18.43 and a beta of 0.89.

TowneBank (NASDAQ:TOWN - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.56 by $0.02. The company had revenue of $258.86 million for the quarter, compared to analyst estimates of $179.80 million. TowneBank had a net margin of 14.89% and a return on equity of 7.32%. During the same period in the prior year, the business earned $0.60 earnings per share. As a group, sell-side analysts anticipate that TowneBank will post 2.07 EPS for the current fiscal year.

TowneBank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be given a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 2.73%. TowneBank's payout ratio is 50.25%.

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.