Lightrock Netherlands B.V. Increases Position in Towne Bank (NASDAQ:TOWN)

Lightrock Netherlands B.V. lifted its holdings in Towne Bank (NASDAQ:TOWN - Free Report) by 43.5% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 282,752 shares of the bank's stock after purchasing an additional 85,656 shares during the period. Towne Bank makes up 2.5% of Lightrock Netherlands B.V.'s holdings, making the stock its 18th biggest holding. Lightrock Netherlands B.V. owned approximately 0.38% of Towne Bank worth $9,683,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. DAVENPORT & Co LLC grew its holdings in Towne Bank by 12.7% during the 1st quarter. DAVENPORT & Co LLC now owns 90,032 shares of the bank's stock worth $3,078,000 after acquiring an additional 10,151 shares in the last quarter. Monument Capital Management acquired a new position in Towne Bank during the 1st quarter worth approximately $219,000. Verity Asset Management Inc. acquired a new position in Towne Bank during the 1st quarter worth approximately $326,000. Bessemer Group Inc. grew its holdings in Towne Bank by 137.0% during the 1st quarter. Bessemer Group Inc. now owns 5,121 shares of the bank's stock worth $175,000 after acquiring an additional 2,960 shares in the last quarter. Finally, SummerHaven Investment Management LLC grew its holdings in Towne Bank by 1.4% during the 1st quarter. SummerHaven Investment Management LLC now owns 28,200 shares of the bank's stock worth $964,000 after acquiring an additional 402 shares in the last quarter. Institutional investors and hedge funds own 55.99% of the company's stock.

Analysts Set New Price Targets

TOWN has been the subject of several analyst reports. Hovde Group boosted their price target on shares of Towne Bank from $38.00 to $39.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Wall Street Zen upgraded shares of Towne Bank from a "sell" rating to a "hold" rating in a research report on Friday, May 30th.

Towne Bank Price Performance

Shares of NASDAQ:TOWN traded up $0.29 during trading on Tuesday, hitting $35.88. 290,026 shares of the company were exchanged, compared to its average volume of 259,667. The stock has a market capitalization of $2.69 billion, a P/E ratio of 15.20 and a beta of 0.80. Towne Bank has a 12-month low of $26.62 and a 12-month high of $38.28. The firm's 50 day moving average price is $34.24 and its 200-day moving average price is $34.27.

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

Towne Bank Increases Dividend

The company 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 dividend of $0.27 per share. The ex-dividend date is Friday, June 27th. This represents a $1.08 dividend on an annualized basis and a yield of 3.01%. This is an increase from Towne Bank's previous quarterly dividend of $0.25. Towne Bank's dividend payout ratio is presently 45.76%.

About Towne Bank

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.