Quantinno Capital Management LP Acquires 42,242 Shares of Towne Bank $TOWN

Quantinno Capital Management LP boosted its holdings in shares of Towne Bank (NASDAQ:TOWN) by 462.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 51,368 shares of the bank’s stock after buying an additional 42,242 shares during the quarter. Quantinno Capital Management LP’s holdings in Towne Bank were worth $1,730,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of TOWN. Deprince Race & Zollo Inc. increased its holdings in shares of Towne Bank by 24.2% during the 4th quarter. Deprince Race & Zollo Inc. now owns 175,430 shares of the bank’s stock valued at $5,854,000 after acquiring an additional 34,133 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Towne Bank by 5.8% in the 4th quarter. Vanguard Group Inc. now owns 8,082,514 shares of the bank’s stock worth $269,713,000 after purchasing an additional 443,345 shares during the last quarter. Patriot Financial Partners GP II L.P. acquired a new stake in Towne Bank in the 1st quarter worth approximately $51,116,000. Seizert Capital Partners LLC bought a new stake in Towne Bank during the fourth quarter worth approximately $2,011,000. Finally, Dimensional Fund Advisors LP boosted its position in Towne Bank by 1.4% during the first quarter. Dimensional Fund Advisors LP now owns 4,399,012 shares of the bank’s stock worth $148,114,000 after purchasing an additional 59,267 shares during the period. 55.99% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Towne Bank Price Performance

Shares of NASDAQ:TOWN opened at $37.44 on Wednesday. The company has a market cap of $2.96 billion, a price-to-earnings ratio of 10.52 and a beta of 0.69. The business has a 50 day moving average price of $36.18 and a 200 day moving average price of $35.28. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.07. Towne Bank has a twelve month low of $31.91 and a twelve month high of $39.03.

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

Towne Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Friday, June 26th were paid a $0.28 dividend. The ex-dividend date 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 3.0%. Towne Bank’s dividend payout ratio is 31.46%.

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.