Lightrock Netherlands B.V. Purchases 85,656 Shares of Towne Bank (NASDAQ:TOWN)

Lightrock Netherlands B.V. grew its position in Towne Bank (NASDAQ:TOWN - Free Report) by 43.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 282,752 shares of the bank's stock after acquiring an additional 85,656 shares during the quarter. Towne Bank accounts for 2.5% of Lightrock Netherlands B.V.'s portfolio, making the stock its 18th biggest holding. Lightrock Netherlands B.V. owned approximately 0.38% of Towne Bank worth $9,683,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in TOWN. Bank of New York Mellon Corp increased its stake in Towne Bank by 19.6% in the 4th quarter. Bank of New York Mellon Corp now owns 537,845 shares of the bank's stock worth $18,319,000 after acquiring an additional 88,277 shares during the last quarter. Steward Partners Investment Advisory LLC increased its position in shares of Towne Bank by 775.2% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 67,458 shares of the bank's stock valued at $2,298,000 after purchasing an additional 59,750 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Towne Bank by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 845,335 shares of the bank's stock valued at $28,792,000 after purchasing an additional 6,285 shares during the last quarter. Keybank National Association OH increased its position in shares of Towne Bank by 10.6% during the 4th quarter. Keybank National Association OH now owns 12,535 shares of the bank's stock valued at $427,000 after purchasing an additional 1,200 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Towne Bank by 9.1% during the 4th quarter. Victory Capital Management Inc. now owns 2,155,201 shares of the bank's stock valued at $73,406,000 after purchasing an additional 180,330 shares during the last quarter. Institutional investors own 55.99% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Wall Street Zen raised Towne Bank from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Hovde Group boosted their target price on Towne Bank from $38.00 to $39.00 and gave the company an "outperform" rating in a research report on Monday, April 28th.

Towne Bank Stock Performance

NASDAQ TOWN opened at $35.99 on Friday. The company has a market cap of $2.70 billion, a P/E ratio of 15.25 and a beta of 0.80. The business's 50 day moving average price is $34.13 and its 200-day moving average price is $34.25. Towne Bank has a fifty-two week low of $26.62 and a fifty-two week high of $38.28.

Towne Bank (NASDAQ:TOWN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.68 EPS for the quarter, beating the consensus estimate of $0.61 by $0.07. The company had revenue of $190.04 million for the quarter, compared to the consensus estimate of $191.29 million. Towne Bank had a return on equity of 8.27% and a net margin of 17.15%. Towne Bank's quarterly revenue was up 14.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.48 EPS. As a group, equities analysts predict that Towne Bank will post 2.6 EPS for the current year.

Towne Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.00%. The ex-dividend date is Friday, June 27th. This is an increase from Towne Bank's previous quarterly dividend of $0.25. Towne Bank's dividend payout ratio is 45.76%.

Towne Bank Company Profile

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.

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