TowneBank (NASDAQ:TOWN) Short Interest Up 40.9% in December

TowneBank (NASDAQ:TOWN) was the target of a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 874,100 shares, an increase of 40.9% from the December 15th total of 620,200 shares. Currently, 1.3% of the shares of the company are sold short. Based on an average trading volume of 252,000 shares, the short-interest ratio is currently 3.5 days.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods raised shares of TowneBank from a “market perform” rating to an “outperform” rating and increased their target price for the company from $35.00 to $40.00 in a research report on Wednesday, October 2nd.

Hedge Funds Weigh In On TowneBank

Several hedge funds have recently bought and sold shares of the company. Harbor Capital Advisors Inc. lifted its stake in TowneBank by 1.9% in the 4th quarter. Harbor Capital Advisors Inc. now owns 20,073 shares of the bank’s stock worth $684,000 after purchasing an additional 383 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of TowneBank by 6.8% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 9,753 shares of the bank’s stock worth $322,000 after buying an additional 617 shares in the last quarter. First Western Trust Bank boosted its stake in TowneBank by 4.3% during the third quarter. First Western Trust Bank now owns 18,123 shares of the bank’s stock valued at $599,000 after buying an additional 745 shares during the period. AMG National Trust Bank grew its position in TowneBank by 1.6% during the third quarter. AMG National Trust Bank now owns 50,929 shares of the bank’s stock worth $1,684,000 after buying an additional 822 shares in the last quarter. Finally, Salem Investment Counselors Inc. bought a new position in TowneBank in the 4th quarter worth about $34,000. Hedge funds and other institutional investors own 55.99% of the company’s stock.

TowneBank Price Performance

NASDAQ:TOWN traded down $0.11 on Thursday, reaching $34.03. 112,417 shares of the company’s stock were exchanged, compared to its average volume of 218,880. The stock has a fifty day simple moving average of $35.21 and a 200-day simple moving average of $33.44. TowneBank has a 52 week low of $25.70 and a 52 week high of $38.28. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of 17.10 and a beta of 0.93.

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, topping 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 for the quarter, compared to analysts’ expectations of $179.80 million. During the same quarter in the prior year, the firm posted $0.60 EPS. As a group, sell-side analysts predict that TowneBank will post 2.07 EPS for the current year.

TowneBank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date was Tuesday, December 31st. TowneBank’s payout ratio is 50.25%.

About TowneBank

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.