The Towne Bank (TOWN) Sees Significant Drop in Short Interest

The Towne Bank (TOWN) Sees Significant Drop in Short Interest

Towne Bank (NASDAQ:TOWN) was the target of a large drop in short interest in December. As of December 30th, there was short interest totalling 1,203,541 shares, a drop of 25.7% from the December 15th total of 1,618,752 shares. Based on an average daily trading volume, of 364,066 shares, the days-to-cover ratio is presently 3.3 days. Approximately 2.1% of the shares of the stock are sold short.

Several research firms have weighed in on TOWN. Zacks Investment Research upgraded Towne Bank from a “hold” rating to a “buy” rating and set a $36.00 price target for the company in a report on Tuesday. Sandler O’Neill cut Towne Bank from a “buy” rating to a “hold” rating in a report on Tuesday, November 29th.

Towne Bank (NASDAQ:TOWN) opened at 31.60 on Thursday. The stock has a market cap of $1.95 billion, a PE ratio of 28.39 and a beta of 1.00. Towne Bank has a 12-month low of $16.50 and a 12-month high of $34.55. The firm’s 50-day moving average price is $32.99 and its 200 day moving average price is $26.55.

The business also recently announced a quarterly dividend, which was paid on Thursday, January 12th. Stockholders of record on Friday, December 30th were paid a $0.13 dividend. The ex-dividend date was Wednesday, December 28th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.65%. Towne Bank’s payout ratio is 47.27%.

About Towne Bank

TowneBank is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three segments: Banking, Realty and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. The Realty segment provides residential real estate services, originations of a range of mortgage loans, resort property management, and residential and commercial title insurance.

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