WINTON GROUP Ltd Raises Position in TowneBank (TOWN)
WINTON GROUP Ltd increased its position in shares of TowneBank (NASDAQ:TOWN) by 24.6% during the third quarter, Holdings Channel reports. The fund owned 11,503 shares of the bank’s stock after buying an additional 2,271 shares during the quarter. WINTON GROUP Ltd’s holdings in TowneBank were worth $355,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of TOWN. Northern Trust Corp grew its position in TowneBank by 63.4% during the 2nd quarter. Northern Trust Corp now owns 1,236,785 shares of the bank’s stock worth $39,700,000 after acquiring an additional 479,948 shares during the last quarter. Bank of New York Mellon Corp grew its position in TowneBank by 112.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 802,478 shares of the bank’s stock worth $25,760,000 after acquiring an additional 425,535 shares during the last quarter. BlackRock Inc. grew its position in TowneBank by 9.0% during the 2nd quarter. BlackRock Inc. now owns 4,423,045 shares of the bank’s stock worth $141,980,000 after acquiring an additional 363,845 shares during the last quarter. Millennium Management LLC grew its position in TowneBank by 328.2% during the 2nd quarter. Millennium Management LLC now owns 372,073 shares of the bank’s stock worth $11,944,000 after acquiring an additional 285,178 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in TowneBank by 2.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,339,449 shares of the bank’s stock worth $75,097,000 after acquiring an additional 45,308 shares during the last quarter. Institutional investors and hedge funds own 44.72% of the company’s stock.
A number of equities research analysts recently weighed in on the company. BidaskClub upgraded TowneBank from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. Brean Capital restated a “hold” rating on shares of TowneBank in a research report on Monday, October 29th. ValuEngine lowered TowneBank from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Zacks Investment Research lowered TowneBank from a “hold” rating to a “sell” rating in a research report on Tuesday, October 30th. Finally, Raymond James reduced their price objective on TowneBank from $35.00 to $31.00 and set a “buy” rating on the stock in a research report on Friday, October 26th. Three analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $33.80.
TowneBank (NASDAQ:TOWN) last released its quarterly earnings results on Thursday, October 25th. The bank reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. TowneBank had a return on equity of 9.94% and a net margin of 19.03%. The firm had revenue of $137.91 million for the quarter, compared to analyst estimates of $138.83 million. Equities research analysts expect that TowneBank will post 2.04 EPS for the current year.
TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.
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