Renaissance Technologies LLC Has $19.88 Million Position in Towne Bank $TOWN

Renaissance Technologies LLC cut its position in shares of Towne Bank (NASDAQ:TOWN) by 13.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 590,319 shares of the bank’s stock after selling 88,820 shares during the period. Renaissance Technologies LLC owned 0.75% of Towne Bank worth $19,876,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its position in Towne Bank by 5.8% during the fourth quarter. Vanguard Group Inc. now owns 8,082,514 shares of the bank’s stock worth $269,713,000 after buying an additional 443,345 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Towne Bank by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 4,399,012 shares of the bank’s stock valued at $148,114,000 after buying an additional 59,267 shares during the last quarter. State Street Corp lifted its position in shares of Towne Bank by 1.0% in the fourth quarter. State Street Corp now owns 2,138,398 shares of the bank’s stock valued at $71,931,000 after buying an additional 21,482 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Towne Bank by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 1,811,213 shares of the bank’s stock worth $60,448,000 after acquiring an additional 12,672 shares during the period. Finally, Patriot Financial Partners GP II L.P. bought a new position in shares of Towne Bank during the 1st quarter worth approximately $51,116,000. 55.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

TOWN has been the subject of a number of research analyst reports. Hovde Group reduced their price objective on shares of Towne Bank from $42.00 to $41.00 and set an “outperform” rating for the company in a research report on Monday, April 27th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $38.00 price objective (down from $42.00) on shares of Towne Bank in a research report on Wednesday, May 6th. Zacks Research upgraded shares of Towne Bank from a “strong sell” rating to a “hold” rating in a research note on Monday, June 29th. Finally, Weiss Ratings raised shares of Towne Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, July 16th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $39.50.

Towne Bank Trading Down 1.4%

Shares of TOWN stock opened at $38.21 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.07. The stock has a market cap of $3.02 billion, a P/E ratio of 10.73 and a beta of 0.69. The stock has a 50 day simple moving average of $35.59 and a 200 day simple moving average of $35.12. Towne Bank has a 1 year low of $31.91 and a 1 year high of $39.03.

Towne Bank (NASDAQ:TOWN) last released its earnings results on Thursday, July 23rd. The bank reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.01). The company had revenue of $245.72 million for the quarter, compared to analyst estimates of $245.33 million. Towne Bank had a return on equity of 9.99% and a net margin of 25.64%. On average, research analysts predict that Towne Bank will post 3.09 earnings per share for the current fiscal year.

Towne Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Friday, June 26th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Friday, June 26th. This is an increase from Towne Bank’s previous quarterly dividend of $0.27. Towne Bank’s dividend payout ratio is 31.46%.

Towne Bank Profile

TowneBank is a Virginia?based financial services company organized as a bank holding company. Its primary subsidiary, TowneBank, operates a network of community banking offices and mortgage production facilities. The company offers a comprehensive range of commercial and consumer banking solutions, including deposit accounts, lending products, treasury management, and private banking services tailored to individuals, small businesses, and middle?market corporations.

In addition to traditional banking, TowneBank provides specialty services through affiliated subsidiaries.