Short Interest in TowneBank (NASDAQ:TOWN) Drops By 19.1%

TowneBank (NASDAQ:TOWN - Get Free Report) was the recipient of a significant decline in short interest in January. As of January 31st, there was short interest totalling 638,700 shares, a decline of 19.1% from the January 15th total of 789,400 shares. Based on an average daily trading volume, of 246,300 shares, the days-to-cover ratio is currently 2.6 days.

TowneBank Stock Down 0.0 %

Shares of TOWN stock traded down $0.02 during trading on Wednesday, reaching $37.50. The company's stock had a trading volume of 82,061 shares, compared to its average volume of 204,101. TowneBank has a one year low of $25.70 and a one year high of $38.28. The business has a fifty day moving average price of $35.10 and a 200-day moving average price of $34.40. The company has a market cap of $2.81 billion, a price-to-earnings ratio of 17.46 and a beta of 0.93.

TowneBank (NASDAQ:TOWN - Get Free Report) last released its earnings results on Wednesday, January 22nd. The bank reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. Research analysts anticipate that TowneBank will post 2.6 EPS for the current year.

TowneBank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend was Tuesday, December 31st. TowneBank's payout ratio is presently 46.51%.

Hedge Funds Weigh In On TowneBank

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Picton Mahoney Asset Management acquired a new stake in TowneBank in the fourth quarter valued at $28,000. Salem Investment Counselors Inc. bought a new stake in shares of TowneBank in the 4th quarter valued at about $34,000. Blue Trust Inc. lifted its stake in TowneBank by 258.5% in the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock valued at $47,000 after purchasing an additional 1,034 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in TowneBank during the third quarter worth about $73,000. Finally, Sterling Capital Management LLC increased its position in TowneBank by 807.8% during the fourth quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank's stock worth $75,000 after buying an additional 1,971 shares during the last quarter. 55.99% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Stephens reaffirmed an "equal weight" rating and issued a $41.00 price objective on shares of TowneBank in a research report on Thursday, January 23rd.

TowneBank Company 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.