Jane Street Group LLC Boosts Stock Position in TowneBank (NASDAQ:TOWN)

Jane Street Group LLC increased its holdings in shares of TowneBank (NASDAQ:TOWN) by 10.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,965 shares of the bank’s stock after buying an additional 7,137 shares during the period. Jane Street Group LLC owned about 0.10% of TowneBank worth $2,478,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in TOWN. Bank of New York Mellon Corp lifted its holdings in TowneBank by 4.4% during the second quarter. Bank of New York Mellon Corp now owns 504,926 shares of the bank’s stock valued at $13,769,000 after purchasing an additional 21,143 shares in the last quarter. SG Americas Securities LLC purchased a new position in TowneBank in the 3rd quarter valued at about $516,000. Edgestream Partners L.P. boosted its holdings 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 buying an additional 33,195 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in TowneBank in the 2nd quarter worth about $249,000. Finally, Arbor Investment Advisors LLC purchased a new stake in TowneBank during the 3rd quarter worth approximately $577,000. Institutional investors and hedge funds own 55.99% of the company’s stock.

TowneBank Trading Up 0.5 %

Shares of NASDAQ TOWN opened at $34.32 on Monday. The stock has a market cap of $2.57 billion, a PE ratio of 17.25 and a beta of 0.91. TowneBank has a 12-month low of $25.70 and a 12-month high of $38.28. The company has a 50-day moving average of $35.19 and a 200 day moving average of $32.53.

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

TowneBank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date of this dividend is 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 company from $35.00 to $40.00 in a research report on Wednesday, October 2nd.

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.