Y Intercept Hong Kong Ltd Buys New Holdings in TowneBank (NASDAQ:TOWN)

Y Intercept Hong Kong Ltd purchased a new position in TowneBank (NASDAQ:TOWN) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,801 shares of the bank’s stock, valued at approximately $357,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Innealta Capital LLC bought a new position in shares of TowneBank during the second quarter worth $62,000. Point72 DIFC Ltd purchased a new position in shares of TowneBank during the second quarter valued at about $73,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of TowneBank in the third quarter worth about $73,000. KBC Group NV purchased a new stake in shares of TowneBank in the third quarter worth about $100,000. Finally, FMR LLC boosted its stake in TowneBank by 137.8% during the third quarter. FMR LLC now owns 4,882 shares of the bank’s stock valued at $161,000 after buying an additional 2,829 shares during the last quarter. 55.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

TowneBank Price Performance

TowneBank stock opened at $36.34 on Tuesday. TowneBank has a twelve month low of $25.70 and a twelve month high of $38.28. The company’s 50-day moving average price is $35.09 and its 200-day moving average price is $32.35. The company has a market cap of $2.73 billion, a PE ratio of 18.26 and a beta of 0.91.

TowneBank (NASDAQ:TOWN) last issued its quarterly earnings data 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. The business had revenue of $258.86 million for the quarter, compared to the consensus estimate of $179.80 million. TowneBank had a return on equity of 7.32% and a net margin of 14.89%. During the same period in the prior year, the business posted $0.60 earnings per share. As a group, sell-side analysts expect that TowneBank will post 2.07 earnings per share for the current fiscal year.

TowneBank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.75%. The ex-dividend date is Tuesday, December 31st. TowneBank’s payout ratio is 50.25%.

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.