TowneBank (NASDAQ:TOWN) Short Interest Up 40.9% in December

TowneBank (NASDAQ:TOWN - Get Free Report) was the target of a significant growth in short interest during the month of December. As of December 31st, there was short interest totalling 874,100 shares, a growth of 40.9% from the December 15th total of 620,200 shares. Approximately 1.3% of the company's shares are short sold. Based on an average daily volume of 252,000 shares, the days-to-cover ratio is currently 3.5 days.

Hedge Funds Weigh In On TowneBank

Several institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its stake in TowneBank by 16.1% in the third quarter. JPMorgan Chase & Co. now owns 361,960 shares of the bank's stock valued at $11,966,000 after buying an additional 50,149 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of TowneBank by 1.1% during the third quarter. Geode Capital Management LLC now owns 1,685,643 shares of the bank's stock worth $55,738,000 after acquiring an additional 18,929 shares during the period. SG Americas Securities LLC bought a new stake in TowneBank in the 3rd quarter valued at $516,000. Edgestream Partners L.P. boosted its stake in TowneBank by 224.3% in the 2nd quarter. Edgestream Partners L.P. now owns 47,995 shares of the bank's stock worth $1,309,000 after purchasing an additional 33,195 shares during the period. Finally, Arbor Investment Advisors LLC bought a new position in TowneBank during the 3rd quarter worth about $577,000. 55.99% of the stock is currently owned by institutional investors and hedge funds.

TowneBank Stock Performance

NASDAQ:TOWN traded up $0.67 during trading hours on Wednesday, hitting $34.14. The stock had a trading volume of 182,035 shares, compared to its average volume of 231,926. The business's 50 day moving average is $35.26 and its 200-day moving average is $33.44. The company has a market cap of $2.56 billion, a price-to-earnings ratio of 17.16 and a beta of 0.93. TowneBank has a one year low of $25.70 and a one year high of $38.28.

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

TowneBank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend was Tuesday, December 31st. TowneBank's dividend payout ratio (DPR) is presently 50.25%.

Wall Street Analyst Weigh In

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.