Quantinno Capital Management LP Has $1.73 Million Holdings in Towne Bank $TOWN

Key Points

• Quantinno Capital Management increased its Towne Bank stake by 462.9% in the first quarter, ending with 51,368 shares worth approximately $1.73 million. Institutional investors collectively own 55.99% of the bank.
• Analyst sentiment is moderately positive: Towne Bank has an average “Moderate Buy” rating and a consensus price target of $39.50, although some analysts recently lowered their targets.
• Towne Bank reported quarterly revenue of $245.72 million but narrowly missed earnings expectations with EPS of $0.78 versus $0.79 forecast. The bank also raised its quarterly dividend to $0.28, equivalent to a 3.0% annualized yield.

Quantinno Capital Management LP lifted its position in Towne Bank (NASDAQ:TOWN - Free Report) by 462.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 51,368 shares of the bank's stock after acquiring an additional 42,242 shares during the quarter. Quantinno Capital Management LP owned approximately 0.07% of Towne Bank worth $1,730,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Towne Bank by 5.8% during the 4th quarter. Vanguard Group Inc. now owns 8,082,514 shares of the bank's stock valued at $269,713,000 after purchasing an additional 443,345 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Towne Bank by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 4,399,012 shares of the bank's stock worth $148,114,000 after buying an additional 59,267 shares during the period. State Street Corp grew its holdings in shares of Towne Bank by 1.0% during the fourth quarter. State Street Corp now owns 2,138,398 shares of the bank's stock valued at $71,931,000 after buying an additional 21,482 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Towne Bank by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 1,811,213 shares of the bank's stock valued at $60,448,000 after buying an additional 12,672 shares in the last quarter. Finally, Patriot Financial Partners GP II L.P. acquired a new position in Towne Bank during the first quarter valued at $51,116,000. Institutional investors and hedge funds own 55.99% of the company's stock.

Wall Street Analysts Forecast Growth

TOWN has been the subject of several research analyst reports. 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 note on Wednesday, May 6th. Hovde Group lowered their target price on Towne Bank from $42.00 to $41.00 and set an "outperform" rating on the stock in a research note on Monday, April 27th. Zacks Research upgraded Towne Bank from a "strong sell" rating to a "hold" rating in a report on Monday, June 29th. Finally, 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. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $39.50.

Towne Bank Stock Performance

Shares of TOWN stock opened at $37.44 on Wednesday. Towne Bank has a fifty-two week low of $31.91 and a fifty-two week high of $39.03. The stock's 50-day moving average is $36.18 and its two-hundred day moving average is $35.28. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.89 and a quick ratio of 0.88. The firm has a market cap of $2.96 billion, a P/E ratio of 10.52 and a beta of 0.69.

Towne Bank (NASDAQ:TOWN - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The bank reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.01). The firm had revenue of $245.72 million for the quarter, compared to analyst estimates of $245.33 million. Towne Bank had a net margin of 25.64% and a return on equity of 9.99%. Analysts predict that Towne Bank will post 3.09 earnings per share for the current fiscal year.

Towne Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Friday, June 26th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.0%. This is a boost from Towne Bank's previous quarterly dividend of $0.27. The ex-dividend date was Friday, June 26th. Towne Bank's dividend payout ratio is presently 31.46%.

Towne Bank Company 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.

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