Entropy Technologies LP Takes $312,000 Position in TowneBank (NASDAQ:TOWN)

Entropy Technologies LP acquired a new position in TowneBank (NASDAQ:TOWN) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 9,430 shares of the bank’s stock, valued at approximately $312,000.

Other large investors also recently bought and sold shares of the company. Innealta Capital LLC purchased a new position in shares of TowneBank in the 2nd quarter valued at $62,000. Point72 DIFC Ltd purchased a new position in TowneBank in the second quarter valued at about $73,000. EMC Capital Management raised its holdings in TowneBank by 230.4% in the first quarter. EMC Capital Management now owns 5,703 shares of the bank’s stock worth $160,000 after purchasing an additional 3,977 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of TowneBank by 45.2% during the first quarter. Bessemer Group Inc. now owns 6,817 shares of the bank’s stock valued at $191,000 after buying an additional 2,121 shares during the last quarter. Finally, Algert Global LLC bought a new stake in shares of TowneBank in the 2nd quarter valued at about $205,000. Institutional investors own 55.99% of the company’s stock.

TowneBank Stock Down 0.1 %

TOWN stock opened at $35.21 on Friday. The stock has a market capitalization of $2.64 billion, a PE ratio of 17.69 and a beta of 0.89. TowneBank has a 52 week low of $25.70 and a 52 week high of $36.67. The firm has a 50 day moving average of $33.74 and a 200 day moving average of $30.96.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.58 EPS for the quarter, topping the consensus estimate of $0.56 by $0.02. TowneBank had a net margin of 14.89% and a return on equity of 7.41%. The business had revenue of $258.86 million during the quarter, compared to the consensus estimate of $179.80 million. During the same period in the previous year, the firm posted $0.60 earnings per share. On average, equities research analysts expect that TowneBank will post 2.07 earnings per share for the current year.

TowneBank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend was Monday, September 30th. TowneBank’s dividend payout ratio is presently 50.25%.

Analysts Set New Price Targets

A number of research firms recently commented on TOWN. 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. StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a report on Monday, July 29th.

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.