Renaissance Technologies LLC Has $17.41 Million Stock Position in TowneBank (NASDAQ:TOWN)

Renaissance Technologies LLC raised its stake in shares of TowneBank (NASDAQ:TOWN) by 1.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 638,241 shares of the bank’s stock after purchasing an additional 8,100 shares during the quarter. Renaissance Technologies LLC owned 0.85% of TowneBank worth $17,405,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Oak Harbor Wealth Partners LLC boosted its holdings in shares of TowneBank by 7.0% in the 2nd quarter. Oak Harbor Wealth Partners LLC now owns 8,408 shares of the bank’s stock worth $229,000 after acquiring an additional 549 shares in the last quarter. SummerHaven Investment Management LLC boosted its holdings in shares of TowneBank by 1.9% in the 2nd quarter. SummerHaven Investment Management LLC now owns 31,187 shares of the bank’s stock worth $850,000 after acquiring an additional 569 shares in the last quarter. Oppenheimer & Co. Inc. boosted its holdings in shares of TowneBank by 2.9% in the 1st quarter. Oppenheimer & Co. Inc. now owns 25,528 shares of the bank’s stock worth $716,000 after acquiring an additional 719 shares in the last quarter. ProShare Advisors LLC boosted its holdings in shares of TowneBank by 8.6% in the 1st quarter. ProShare Advisors LLC now owns 12,617 shares of the bank’s stock worth $354,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of TowneBank by 0.8% in the 2nd quarter. Rhumbline Advisers now owns 135,208 shares of the bank’s stock worth $3,687,000 after acquiring an additional 1,055 shares in the last quarter. 55.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on TOWN. Keefe, Bruyette & Woods boosted their target price on TowneBank from $30.00 to $35.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. StockNews.com upgraded shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th.

TowneBank Price Performance

TOWN stock opened at $34.19 on Friday. The company has a 50 day moving average price of $32.86 and a 200 day moving average price of $29.07. TowneBank has a fifty-two week low of $21.63 and a fifty-two week high of $35.10. The stock has a market capitalization of $2.56 billion, a PE ratio of 17.01 and a beta of 0.89.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $0.57 earnings per share for the quarter, topping the consensus estimate 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%. TowneBank’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.52 EPS. As a group, equities analysts expect that TowneBank will post 2.15 earnings per share for the current fiscal year.

TowneBank Dividend Announcement

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 given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.92%. The ex-dividend date is Monday, September 30th. TowneBank’s payout ratio is 49.75%.

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.