Victory Capital Management Inc. boosted its holdings in TowneBank (NASDAQ:TOWN - Free Report) by 9.1% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,155,201 shares of the bank's stock after buying an additional 180,330 shares during the period. Victory Capital Management Inc. owned 2.87% of TowneBank worth $73,406,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Salem Investment Counselors Inc. purchased a new stake in TowneBank in the 4th quarter worth $34,000. Blue Trust Inc. increased its stake in TowneBank by 258.5% in the 4th quarter. Blue Trust Inc. now owns 1,434 shares of the bank's stock worth $47,000 after buying an additional 1,034 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in TowneBank in the 3rd quarter worth $73,000. KBC Group NV purchased a new stake in TowneBank in the 3rd quarter worth $100,000. Finally, FMR LLC boosted its holdings in shares of TowneBank by 137.8% during the 3rd quarter. FMR LLC now owns 4,882 shares of the bank's stock valued at $161,000 after purchasing an additional 2,829 shares during the last quarter. Hedge funds and other institutional investors own 55.99% of the company's stock.
TowneBank Stock Performance
Shares of TOWN traded down $0.08 during midday trading on Friday, hitting $34.84. 197,530 shares of the company traded hands, compared to its average volume of 242,503. The firm has a 50 day moving average of $35.33 and a 200-day moving average of $34.79. TowneBank has a 52 week low of $25.70 and a 52 week high of $38.28. The stock has a market cap of $2.61 billion, a price-to-earnings ratio of 16.20 and a beta of 0.88.
TowneBank (NASDAQ:TOWN - Get Free Report) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, beating analysts' consensus estimates of $0.48 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. Sell-side analysts predict that TowneBank will post 2.6 earnings per share for the current fiscal year.
TowneBank Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Monday, March 31st will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date is Monday, March 31st. TowneBank's payout ratio is 46.51%.
Analyst Ratings Changes
Separately, Stephens reissued an "equal weight" rating and set a $41.00 price objective on shares of TowneBank in a report on Thursday, January 23rd.
Get Our Latest Research Report on TOWN
TowneBank Profile
(
Free Report)
TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.
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