Rhino Investment Partners Inc Boosts Stock Position in Towne Bank $TOWN

Key Points

• Rhino Investment Partners increased its Towne Bank stake by 71.8% in the first quarter, purchasing 120,182 additional shares to own 287,682 shares worth approximately $9.7 million. Institutional investors collectively own 55.99% of TOWN.
• Towne Bank shares recently traded up 2.2% at $38.63, near their 52-week high of $38.69. The bank reported quarterly EPS of $0.78, slightly below estimates, while revenue of $245.72 million narrowly exceeded expectations.
• The company raised its quarterly dividend to $0.28 per share, implying an annualized dividend of $1.12 and a 2.9% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $39.50.

Rhino Investment Partners Inc boosted its position in Towne Bank (NASDAQ:TOWN - Free Report) by 71.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 287,682 shares of the bank's stock after purchasing an additional 120,182 shares during the quarter. Towne Bank comprises about 2.7% of Rhino Investment Partners Inc's holdings, making the stock its 13th largest position. Rhino Investment Partners Inc owned 0.36% of Towne Bank worth $9,686,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TOWN. AQR Capital Management LLC grew its holdings in shares of Towne Bank by 32.3% during the first quarter. AQR Capital Management LLC now owns 34,996 shares of the bank's stock worth $1,197,000 after buying an additional 8,538 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 buying an additional 1,837 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Towne Bank by 56.6% during the first quarter. Millennium Management LLC now owns 381,761 shares of the bank's stock valued at $13,052,000 after buying an additional 137,988 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Towne Bank by 4.7% during 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 buying an additional 7,115 shares during the period. Finally, Jane Street Group LLC boosted its position in Towne Bank by 1,220.9% during the first quarter. Jane Street Group LLC now owns 157,411 shares of the bank's stock worth $5,382,000 after acquiring an additional 145,494 shares during the last quarter. 55.99% of the stock is currently owned by hedge funds and other institutional investors.

Towne Bank Trading Up 2.2%

Shares of TOWN opened at $38.63 on Wednesday. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $3.05 billion, a P/E ratio of 10.85 and a beta of 0.69. The stock's fifty day simple moving average is $35.44 and its 200 day simple moving average is $35.07. Towne Bank has a twelve month low of $31.91 and a twelve month high of $38.69.

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

Towne Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Friday, June 26th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Friday, June 26th. This is an increase from Towne Bank's previous quarterly dividend of $0.27. Towne Bank's dividend payout ratio (DPR) is presently 31.46%.

Analysts Set New Price Targets

Several analysts have commented on TOWN shares. Weiss Ratings raised shares of Towne Bank from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, July 16th. Zacks Research upgraded Towne Bank from a "strong sell" rating to a "hold" rating in a report on Monday, June 29th. Hovde Group dropped their target price on Towne Bank from $42.00 to $41.00 and set an "outperform" rating for the company in a research note on Monday, April 27th. Finally, 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 research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $39.50.

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.

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