Towne Bank $TOWN Shares Bought by Rhino Investment Partners Inc

Rhino Investment Partners Inc lifted its holdings in shares of Towne Bank (NASDAQ:TOWN) by 71.8% during the 1st quarter, HoldingsChannel.com reports. The fund owned 287,682 shares of the bank’s stock after buying an additional 120,182 shares during the period. Towne Bank makes up about 2.7% of Rhino Investment Partners Inc’s portfolio, making the stock its 13th biggest holding. Rhino Investment Partners Inc’s holdings in Towne Bank were worth $9,686,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its holdings in Towne Bank by 931.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank’s stock valued at $26,000 after purchasing an additional 680 shares in the last quarter. Abound Financial LLC acquired a new position in shares of Towne Bank during the fourth quarter worth about $27,000. Quantbot Technologies LP acquired a new position in shares of Towne Bank during the second quarter worth about $30,000. Los Angeles Capital Management LLC purchased a new stake in shares of Towne Bank in the fourth quarter worth about $42,000. Finally, CrossGen Wealth LLC purchased a new stake in shares of Towne Bank in the fourth quarter worth about $53,000. 55.99% of the stock is owned by hedge funds and other institutional investors.

Towne Bank Stock Up 2.2%

Shares of NASDAQ:TOWN opened at $38.63 on Wednesday. The firm has a market cap of $3.05 billion, a PE ratio of 10.85 and a beta of 0.69. The company has a fifty day simple moving average of $35.44 and a 200 day simple moving average of $35.07. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.07. Towne Bank has a 12-month low of $31.91 and a 12-month high of $38.69.

Towne Bank (NASDAQ:TOWN) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.01). The company had revenue of $245.72 million for the quarter, compared to analyst estimates of $245.33 million. Towne Bank had a return on equity of 9.99% and a net margin of 25.64%. On average, equities research analysts anticipate that Towne Bank will post 3.09 EPS for the current fiscal year.

Towne Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Friday, June 26th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, June 26th. This is a positive change from Towne Bank’s previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a dividend yield of 2.9%. Towne Bank’s dividend payout ratio is 31.46%.

Wall Street Analyst Weigh In

Several brokerages recently commented on TOWN. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $38.00 target price (down from $42.00) on shares of Towne Bank in a report on Wednesday, May 6th. Hovde Group decreased their price target on Towne Bank from $42.00 to $41.00 and set an “outperform” rating for the company in a report on Monday, April 27th. Weiss Ratings raised shares of Towne Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, July 16th. Finally, Zacks Research upgraded shares of Towne Bank from a “strong sell” rating to a “hold” rating in a research note on Monday, June 29th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Towne Bank currently has a consensus rating of “Moderate Buy” and an average target price of $39.50.

About Towne Bank

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.