Lightrock Netherlands B.V. Purchases 26,000 Shares of Towne Bank $TOWN

Lightrock Netherlands B.V. lifted its position in Towne Bank (NASDAQ:TOWN) by 9.2% during the third quarter, Holdings Channel reports. The institutional investor owned 308,752 shares of the bank’s stock after buying an additional 26,000 shares during the quarter. Towne Bank comprises approximately 2.4% of Lightrock Netherlands B.V.’s investment portfolio, making the stock its 18th largest holding. Lightrock Netherlands B.V.’s holdings in Towne Bank were worth $10,674,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. AQR Capital Management LLC boosted its stake in Towne Bank by 32.3% in the first quarter. AQR Capital Management LLC now owns 34,996 shares of the bank’s stock valued at $1,197,000 after acquiring an additional 8,538 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Towne Bank by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,837 shares of the bank’s stock valued at $1,430,000 after purchasing an additional 1,837 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Towne Bank by 56.6% during the 1st quarter. Millennium Management LLC now owns 381,761 shares of the bank’s stock valued at $13,052,000 after purchasing an additional 137,988 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Towne Bank by 4.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 157,713 shares of the bank’s stock worth $5,392,000 after purchasing an additional 7,115 shares in the last quarter. Finally, Jane Street Group LLC grew its stake in Towne Bank by 1,220.9% during the 1st quarter. Jane Street Group LLC now owns 157,411 shares of the bank’s stock worth $5,382,000 after buying an additional 145,494 shares during the last quarter. Hedge funds and other institutional investors own 55.99% of the company’s stock.

Towne Bank Stock Performance

Shares of TOWN stock opened at $35.86 on Friday. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 16.01 and a beta of 0.78. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.87 and a quick ratio of 0.86. The business has a fifty day moving average of $34.29 and a 200 day moving average of $34.73. Towne Bank has a 1 year low of $29.43 and a 1 year high of $38.01.

Towne Bank (NASDAQ:TOWN) last posted its quarterly earnings results on Wednesday, October 22nd. The bank reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.08. The business had revenue of $215.67 million for the quarter, compared to the consensus estimate of $222.28 million. Towne Bank had a return on equity of 9.64% and a net margin of 15.69%.During the same quarter in the previous year, the business earned $0.58 EPS. As a group, research analysts expect that Towne Bank will post 2.6 earnings per share for the current year.

Towne Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 7th. Investors of record on Friday, December 26th were issued a dividend of $0.27 per share. The ex-dividend date of this dividend was Friday, December 26th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.0%. Towne Bank’s payout ratio is 48.21%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on TOWN shares. Wall Street Zen raised Towne Bank from a “sell” rating to a “hold” rating in a research report on Sunday, October 26th. Weiss Ratings restated a “buy (b-)” rating on shares of Towne Bank in a research note on Wednesday. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $41.00.

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.