SG Americas Securities LLC Acquires New Position in TowneBank (NASDAQ:TOWN)

SG Americas Securities LLC purchased a new stake in shares of TowneBank (NASDAQ:TOWN - Free Report) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund purchased 15,609 shares of the bank's stock, valued at approximately $516,000.

A number of other hedge funds have also modified their holdings of TOWN. Innealta Capital LLC acquired a new stake in TowneBank during the 2nd quarter worth about $62,000. Point72 DIFC Ltd purchased a new position in TowneBank during the second quarter valued at approximately $73,000. Heritage Wealth Advisors lifted its holdings in 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 acquiring an additional 3,449 shares during the period. EMC Capital Management boosted its position in TowneBank by 230.4% in the 1st quarter. EMC Capital Management now owns 5,703 shares of the bank's stock worth $160,000 after purchasing an additional 3,977 shares in the last quarter. Finally, Bessemer Group Inc. increased its holdings in shares of TowneBank by 45.2% during the 1st quarter. Bessemer Group Inc. now owns 6,817 shares of the bank's stock valued at $191,000 after purchasing an additional 2,121 shares in the last quarter. 55.99% of the stock is owned by institutional investors and hedge funds.

TowneBank Stock Up 1.6 %

Shares of TowneBank stock traded up $0.57 on Wednesday, reaching $35.43. The company's stock had a trading volume of 173,347 shares, compared to its average volume of 252,595. The company has a market capitalization of $2.66 billion, a P/E ratio of 17.34 and a beta of 0.89. The stock has a 50-day moving average price of $33.26 and a 200-day moving average price of $29.81. TowneBank has a 52-week low of $21.63 and a 52-week high of $35.74.

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

TowneBank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date of this dividend was Monday, September 30th. TowneBank's dividend payout ratio is presently 49.75%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Keefe, Bruyette & Woods raised shares of TowneBank from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $35.00 to $40.00 in a report on Wednesday, October 2nd. StockNews.com raised 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.