Maltese Capital Management LLC Acquires 30,000 Shares of Towne Bank $TOWN

Maltese Capital Management LLC grew its holdings in Towne Bank (NASDAQ:TOWN) by 29.3% in the 4th quarter, Holdings Channel reports. The fund owned 132,500 shares of the bank’s stock after purchasing an additional 30,000 shares during the quarter. Maltese Capital Management LLC’s holdings in Towne Bank were worth $4,422,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of TOWN. AQR Capital Management LLC boosted its position in shares of Towne Bank by 32.3% in the first quarter. AQR Capital Management LLC now owns 34,996 shares of the bank’s stock valued at $1,197,000 after acquiring an additional 8,538 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Towne Bank by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,837 shares of the bank’s stock valued at $1,430,000 after acquiring an additional 1,837 shares during the period. Millennium Management LLC boosted its position in shares of Towne Bank by 56.6% in the first quarter. Millennium Management LLC now owns 381,761 shares of the bank’s stock valued at $13,052,000 after acquiring an additional 137,988 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Towne Bank by 4.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 157,713 shares of the bank’s stock valued at $5,392,000 after acquiring an additional 7,115 shares during the period. Finally, Jane Street Group LLC boosted its position in shares of Towne Bank by 1,220.9% in the first quarter. Jane Street Group LLC now owns 157,411 shares of the bank’s stock valued at $5,382,000 after acquiring an additional 145,494 shares during the period. 55.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $38.00 price objective (down from $42.00) on shares of Towne Bank in a research report on Wednesday, May 6th. Zacks Research cut Towne Bank from a “hold” rating to a “strong sell” rating in a research report on Monday, May 4th. Hovde Group reduced their price objective on Towne Bank from $42.00 to $41.00 and set an “outperform” rating for the company in a research report on Monday, April 27th. Finally, Weiss Ratings cut Towne Bank from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 13th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $39.50.

Towne Bank Stock Down 1.6%

Shares of TOWN stock opened at $35.09 on Tuesday. The stock has a market cap of $2.77 billion, a P/E ratio of 17.72 and a beta of 0.70. Towne Bank has a one year low of $31.91 and a one year high of $37.86. The stock has a fifty day moving average price of $34.79 and a 200 day moving average price of $34.68. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.89 and a quick ratio of 0.88.

Towne Bank (NASDAQ:TOWN) last issued its earnings results on Wednesday, April 22nd. The bank reported $0.74 EPS for the quarter, hitting the consensus estimate of $0.74. The firm had revenue of $247.62 million during the quarter, compared to analysts’ expectations of $274.02 million. Towne Bank had a return on equity of 9.91% and a net margin of 13.51%.Towne Bank’s quarterly revenue was up 34.6% compared to the same quarter last year. During the same period last year, the business earned $0.68 earnings per share. Analysts predict that Towne Bank will post 3.15 earnings per share for the current year.

Towne Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Friday, June 26th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.2%. This is an increase from Towne Bank’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Friday, June 26th. Towne Bank’s dividend payout ratio (DPR) is 54.55%.

Towne Bank Profile

TowneBank is a Virginia‐based financial services company organized as a bank holding company. Its primary subsidiary, TowneBank, operates a network of community banking offices and mortgage production facilities. The company offers a comprehensive range of commercial and consumer banking solutions, including deposit accounts, lending products, treasury management, and private banking services tailored to individuals, small businesses, and middle‐market corporations.

In addition to traditional banking, TowneBank provides specialty services through affiliated subsidiaries.