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Investor group lowers stake in HMN Financial to 6.74%

An investor group led by Jeffrey Gendell lowered its stake in Rochester, Minn.-based HMN Financial Inc.

From Feb. 6-8, Tontine Financial Partners LP sold 129,131 HMN shares at per-share prices ranging from $18.50 to $18.95. Following the share sale, the investor group, which also includes Tontine Management LLC, beneficially owns 303,264 shares, or a 6.74% stake in the company. The percentage was calculated based upon HMN Financial's 4,497,538 common shares issued and outstanding as of Oct. 26, 2017, according to a Feb. 16 ownership filing.

In September 2015, the investor group disclosed an 8.71% stake in the company.