Quantbot Technologies LP Invests $302,000 in TowneBank (NASDAQ:TOWN)

Quantbot Technologies LP has made a significant investment in TowneBank (NASDAQ:TOWN) during the fourth quarter, as revealed in its recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired a total of 8,866 shares of the banking institution, which amounts to an investment of around $302,000.

In addition to Quantbot's investment, other institutional investors and hedge funds have also made changes to their stakes in TowneBank. The Teacher Retirement System of Texas, for instance, increased its holdings in TowneBank by 31.5% in the fourth quarter, acquiring an additional 8,335 shares. This brought their total number of shares owned to 34,790, valued at approximately $1,185,000. CIBC World Markets Corp also purchased a new stake in TowneBank during the same period, valued at $224,000. Meanwhile, Royce & Associates LP increased its stake by 10.8%, now owning 538,053 shares worth $18,326,000 after adding 52,236 shares to its holdings. Similarly, Picton Mahoney Asset Management invested about $28,000 in TowneBank, and the Swiss National Bank raised its position by 0.7%, now holding 147,115 shares valued at $5,011,000. Overall, institutional investors and hedge funds collectively hold 55.99% of TowneBank's stock.

TowneBank Stock Performance

On the trading front, shares of TowneBank opened at $34.45. The bank has a market capitalization of $2.58 billion and a price-to-earnings ratio of 16.02, with a beta of 0.88. Over the past year, TowneBank's stock has fluctuated between a low of $25.70 and a high of $38.28. The average price of the stock over the last 50 days is $35.64, while the 200-day moving average stands at $34.85.

TowneBank also reported its quarterly earnings recently. On January 22nd, the bank posted earnings per share (EPS) of $0.55, surpassing the consensus estimate of $0.48 by $0.07. The bank boasts a return on equity of 7.77% and a net margin of 15.77%. Analysts predict that TowneBank will record an EPS of 2.6 for the current year.

Dividend Announcement

Additionally, TowneBank has declared a quarterly dividend which is set to be paid on April 11th. Shareholders on record by March 31st will receive a dividend of $0.25 per share, translating to an annualized dividend of $1.00 and a yield of 2.90%. The ex-dividend date is also March 31st, and the bank's payout ratio is reported at 46.51%.

Analyst Opinions

In terms of market outlook, Stephens has reiterated an 'equal weight' rating for TowneBank and set a price target of $41.00 per share in a research note released on January 23rd.

Company Overview

TowneBank provides a wide range of banking services, focused on retail and commercial sectors. It offers various deposit products, including demand deposits, savings accounts, and certificates of deposit, among others.

Conclusion

The ongoing interest from institutional investors in TowneBank highlights its appeal in the financial market, given its recent financial performance and dividend announcements.

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