Cubist Systematic Strategies LLC Purchases 72,464 Shares of TowneBank (NASDAQ:TOWN)

Cubist Systematic Strategies LLC increased its position in shares of TowneBank (NASDAQ:TOWN - Free Report) by 315.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 95,407 shares of the bank's stock after purchasing an additional 72,464 shares during the quarter. Cubist Systematic Strategies LLC owned 0.13% of TowneBank worth $2,602,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. TFO Wealth Partners LLC lifted its stake in TowneBank by 43,600.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,311 shares of the bank's stock valued at $39,000 after buying an additional 1,308 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of TowneBank during the second quarter valued at about $62,000. Point72 DIFC Ltd bought a new stake in shares of TowneBank during the second quarter valued at about $73,000. Heritage Wealth Advisors raised its stake in shares of TowneBank by 2,973.3% during the first quarter. Heritage Wealth Advisors now owns 3,565 shares of the bank's stock valued at $100,000 after purchasing an additional 3,449 shares in the last quarter. Finally, EMC Capital Management raised its stake in shares of TowneBank by 230.4% during the first quarter. EMC Capital Management now owns 5,703 shares of the bank's stock valued at $160,000 after purchasing an additional 3,977 shares in the last quarter. 55.99% of the stock is currently owned by institutional investors.

TowneBank Stock Performance

TOWN traded up $0.38 during trading on Monday, reaching $33.06. The company had a trading volume of 128,989 shares, compared to its average volume of 256,744. The firm's 50-day simple moving average is $33.10 and its 200 day simple moving average is $29.34. The company has a market cap of $2.48 billion, a price-to-earnings ratio of 16.45 and a beta of 0.89. TowneBank has a 12-month low of $21.63 and a 12-month high of $35.10.

TowneBank (NASDAQ:TOWN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $0.57 earnings per share for the quarter, topping 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 return on equity of 7.56% and a net margin of 15.33%. TowneBank's revenue was down 3.6% on a year-over-year basis. During the same quarter last year, the business posted $0.52 EPS. On average, sell-side analysts expect that TowneBank will post 2.15 EPS for the current year.

TowneBank Announces Dividend

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 3.02%. TowneBank's dividend payout ratio (DPR) is presently 49.75%.

Analyst Ratings Changes

TOWN has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods lifted their price objective on shares of TowneBank from $30.00 to $35.00 and gave the company a "market perform" rating in a research note on Monday, July 29th. StockNews.com upgraded shares of TowneBank from a "sell" rating to a "hold" rating in a research note on Monday, July 29th.

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.