TowneBank (NASDAQ:TOWN) Shares Purchased by Balyasny Asset Management L.P.

Balyasny Asset Management L.P. boosted its stake in TowneBank (NASDAQ:TOWN) by 201.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,130 shares of the bank’s stock after acquiring an additional 41,490 shares during the period. Balyasny Asset Management L.P. owned 0.08% of TowneBank worth $2,116,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes 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. acquired a new stake in TowneBank in the fourth quarter valued at $34,000. Blue Trust Inc. raised its holdings in TowneBank by 258.5% in the fourth quarter. Blue Trust Inc. now owns 1,434 shares of the bank’s stock valued at $47,000 after acquiring an additional 1,034 shares in the last quarter. Sterling Capital Management LLC raised its holdings in TowneBank by 807.8% in the fourth quarter. Sterling Capital Management LLC now owns 2,215 shares of the bank’s stock valued at $75,000 after acquiring an additional 1,971 shares in the last quarter. Finally, Federated Hermes Inc. acquired a new stake in TowneBank in the fourth quarter valued at $82,000. 55.99% of the stock is owned by institutional investors and hedge funds.

TowneBank Stock Performance

TowneBank stock opened at $34.77 on Tuesday. The company has a 50-day simple moving average of $33.13 and a 200-day simple moving average of $34.57. The firm has a market capitalization of $2.61 billion, a P/E ratio of 16.17 and a beta of 0.79. TowneBank has a one year low of $25.70 and a one year high of $38.28.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.68 EPS for the quarter, topping the consensus estimate of $0.61 by $0.07. The business had revenue of $190.04 million during the quarter, compared to analyst estimates of $191.29 million. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. The company’s quarterly revenue was up 14.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.48 earnings per share. As a group, sell-side analysts forecast that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Monday, March 31st were given a $0.25 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a yield of 2.88%. TowneBank’s dividend payout ratio is presently 42.37%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Hovde Group increased their target price on shares of TowneBank from $38.00 to $39.00 and gave the stock an “outperform” rating in a report on Monday, April 28th. Stephens reissued an “equal weight” rating and set a $41.00 target price on shares of TowneBank in a 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.