Maltese Capital Management LLC Has $4.42 Million Position in Towne Bank $TOWN

Maltese Capital Management LLC increased its position in Towne Bank (NASDAQ:TOWN) by 29.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 132,500 shares of the bank’s stock after buying an additional 30,000 shares during the period. Maltese Capital Management LLC owned 0.18% of Towne Bank worth $4,422,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. AMG National Trust Bank increased its holdings in Towne Bank by 0.6% in the third quarter. AMG National Trust Bank now owns 51,733 shares of the bank’s stock worth $1,788,000 after buying an additional 327 shares during the last quarter. Arizona State Retirement System increased its holdings in Towne Bank by 1.8% in the fourth quarter. Arizona State Retirement System now owns 21,410 shares of the bank’s stock worth $714,000 after buying an additional 382 shares during the last quarter. California State Teachers Retirement System increased its holdings in Towne Bank by 0.7% in the second quarter. California State Teachers Retirement System now owns 68,857 shares of the bank’s stock worth $2,354,000 after buying an additional 503 shares during the last quarter. Comerica Bank increased its holdings in Towne Bank by 32.4% in the fourth quarter. Comerica Bank now owns 2,219 shares of the bank’s stock worth $74,000 after buying an additional 543 shares during the last quarter. Finally, 1620 Investment Advisors Inc. increased its holdings in Towne Bank by 18.6% in the fourth quarter. 1620 Investment Advisors Inc. now owns 3,596 shares of the bank’s stock worth $120,000 after buying an additional 564 shares during the last quarter. Institutional investors and hedge funds own 55.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on TOWN. Weiss Ratings downgraded Towne Bank from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 13th. Zacks Research downgraded Towne Bank from a “hold” rating to a “strong sell” rating in a report on Monday, May 4th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $38.00 price objective (down from $42.00) on shares of Towne Bank in a report on Wednesday, May 6th. Finally, Hovde Group dropped their price objective on Towne Bank from $42.00 to $41.00 and set an “outperform” rating on the stock in a report on Monday, April 27th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Towne Bank currently has an average rating of “Hold” and an average target price of $39.50.

Towne Bank Stock Down 1.6%

Shares of Towne Bank stock opened at $35.09 on Tuesday. The stock has a market capitalization of $2.77 billion, a P/E ratio of 17.72 and a beta of 0.70. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.07. The stock has a 50 day moving average price of $34.79 and a two-hundred day moving average price of $34.68. Towne Bank has a 12-month low of $31.91 and a 12-month high of $37.86.

Towne Bank (NASDAQ:TOWN) last announced its earnings results on Wednesday, April 22nd. The bank reported $0.74 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.74. The firm had revenue of $247.62 million during the quarter, compared to analysts’ expectations of $274.02 million. Towne Bank had a return on equity of 9.91% and a net margin of 13.51%.The company’s revenue was up 34.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.68 earnings per share. Equities analysts expect that Towne Bank will post 3.15 earnings per share for the current year.

Towne Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Friday, June 26th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, June 26th. This is an increase from Towne Bank’s previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a yield of 3.2%. Towne Bank’s dividend payout ratio (DPR) is currently 54.55%.

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.