Cubist Systematic Strategies LLC Has $2.60 Million Position in TowneBank (NASDAQ:TOWN)

Cubist Systematic Strategies LLC raised its position in shares of TowneBank (NASDAQ:TOWN - Free Report) by 315.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 95,407 shares of the bank's stock after acquiring an additional 72,464 shares during the period. Cubist Systematic Strategies LLC owned approximately 0.13% of TowneBank worth $2,602,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new position in shares of TowneBank during the 2nd quarter valued at $62,000. Point72 DIFC Ltd acquired a new stake in shares of TowneBank in the second quarter valued at about $73,000. Heritage Wealth Advisors grew its stake in shares of TowneBank by 2,973.3% in the first quarter. Heritage Wealth Advisors now owns 3,565 shares of the bank's stock valued at $100,000 after buying an additional 3,449 shares in the last quarter. EMC Capital Management raised its holdings in shares of TowneBank by 230.4% during the 1st quarter. EMC Capital Management now owns 5,703 shares of the bank's stock valued at $160,000 after buying an additional 3,977 shares during the period. Finally, Bessemer Group Inc. lifted its position in TowneBank by 45.2% during the 1st quarter. Bessemer Group Inc. now owns 6,817 shares of the bank's stock worth $191,000 after acquiring an additional 2,121 shares in the last quarter. 55.99% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on TOWN. StockNews.com upgraded shares of TowneBank from a "sell" rating to a "hold" rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods upgraded TowneBank from a "market perform" rating to an "outperform" rating and lifted their target price for the stock from $35.00 to $40.00 in a research report on Wednesday, October 2nd.

TowneBank Stock Up 3.4 %

Shares of TOWN traded up $1.13 during trading hours on Friday, reaching $34.15. The company's stock had a trading volume of 229,697 shares, compared to its average volume of 253,502. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of 16.91 and a beta of 0.89. The company has a 50 day moving average of $33.12 and a two-hundred day moving average of $29.70. TowneBank has a 1-year low of $21.63 and a 1-year high of $35.10.

TowneBank (NASDAQ:TOWN - Get Free Report) last posted its earnings results on Wednesday, July 24th. The bank reported $0.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.48 by $0.09. The firm had revenue of $174.97 million during the quarter, compared to analysts' expectations of $172.20 million. TowneBank had a net margin of 15.33% and a return on equity of 7.56%. The company's revenue was down 3.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.52 earnings per share. As a group, analysts forecast that TowneBank will post 2.12 EPS for the current fiscal year.

TowneBank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 2.93%. TowneBank's payout ratio is 49.51%.

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.