Maltese Capital Management LLC raised its position in TowneBank (NASDAQ:TOWN) by 180.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 70,000 shares of the bank’s stock after buying an additional 45,000 shares during the period. Maltese Capital Management LLC owned about 0.10% of TowneBank worth $2,247,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. boosted its stake in TowneBank by 8.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 349,618 shares of the bank’s stock valued at $11,223,000 after acquiring an additional 26,678 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its stake in TowneBank by 4.0% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 196,120 shares of the bank’s stock valued at $6,295,000 after acquiring an additional 7,520 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in TowneBank by 112.9% in the second quarter. Bank of New York Mellon Corp now owns 802,478 shares of the bank’s stock valued at $25,760,000 after acquiring an additional 425,535 shares in the last quarter. Rhumbline Advisers boosted its stake in TowneBank by 4.2% in the second quarter. Rhumbline Advisers now owns 71,080 shares of the bank’s stock valued at $2,282,000 after acquiring an additional 2,875 shares in the last quarter. Finally, IndexIQ Advisors LLC boosted its stake in TowneBank by 9.3% in the second quarter. IndexIQ Advisors LLC now owns 76,482 shares of the bank’s stock valued at $2,455,000 after acquiring an additional 6,525 shares in the last quarter. Institutional investors own 43.97% of the company’s stock.

Several equities analysts have issued reports on TOWN shares. BidaskClub downgraded shares of TowneBank from a “buy” rating to a “hold” rating in a research note on Saturday, June 30th. Zacks Investment Research upgraded shares of TowneBank from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a research note on Saturday, April 28th. Brean Capital reiterated a “hold” rating on shares of TowneBank in a research note on Friday, August 3rd. Raymond James upgraded shares of TowneBank from a “market perform” rating to an “outperform” rating in a research note on Thursday, April 26th. Finally, Piper Jaffray Companies set a $34.00 target price on shares of TowneBank and gave the stock a “hold” rating in a research note on Monday, July 30th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. TowneBank presently has an average rating of “Hold” and an average target price of $34.50.

Shares of TOWN opened at $32.60 on Tuesday. TowneBank has a fifty-two week low of $27.85 and a fifty-two week high of $35.30. The stock has a market cap of $2.35 billion, a PE ratio of 18.52 and a beta of 0.99. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.01 and a quick ratio of 0.97.

TowneBank (NASDAQ:TOWN) last announced its earnings results on Friday, July 27th. The bank reported $0.49 earnings per share for the quarter, hitting the consensus estimate of $0.49. TowneBank had a net margin of 18.11% and a return on equity of 9.46%. The business had revenue of $137.06 million during the quarter, compared to the consensus estimate of $133.65 million. sell-side analysts anticipate that TowneBank will post 2.04 EPS for the current year.

TowneBank Company Profile

TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.

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Institutional Ownership by Quarter for TowneBank (NASDAQ:TOWN)

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