Victory Capital Management Inc. Has $65.29 Million Position in TowneBank (NASDAQ:TOWN)

Victory Capital Management Inc. lifted its position in shares of TowneBank (NASDAQ:TOWN - Free Report) by 7,668.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,974,871 shares of the bank's stock after acquiring an additional 1,949,448 shares during the quarter. Victory Capital Management Inc. owned approximately 2.63% of TowneBank worth $65,289,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in TOWN. BNP Paribas Financial Markets grew its position in shares of TowneBank by 77.6% in the 1st quarter. BNP Paribas Financial Markets now owns 34,349 shares of the bank's stock valued at $964,000 after acquiring an additional 15,004 shares during the period. SG Americas Securities LLC acquired a new position in TowneBank during the first quarter worth approximately $234,000. Russell Investments Group Ltd. lifted its position in shares of TowneBank by 92.5% in the first quarter. Russell Investments Group Ltd. now owns 181,730 shares of the bank's stock valued at $5,099,000 after buying an additional 87,332 shares during the last quarter. ProShare Advisors LLC raised its stake in TowneBank by 8.6% in the 1st quarter. ProShare Advisors LLC now owns 12,617 shares of the bank's stock valued at $354,000 after acquiring an additional 1,000 shares during the period. Finally, State Board of Administration of Florida Retirement System lifted its holdings in TowneBank by 94.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 47,696 shares of the bank's stock valued at $1,271,000 after purchasing an additional 23,184 shares during the last quarter. Institutional investors and hedge funds own 55.99% of the company's stock.

TowneBank Trading Down 0.8 %

NASDAQ TOWN traded down $0.29 during trading on Friday, reaching $34.96. The company's stock had a trading volume of 101,921 shares, compared to its average volume of 253,545. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of 17.71 and a beta of 0.89. TowneBank has a 12 month low of $25.70 and a 12 month high of $36.67. The firm has a 50 day moving average price of $33.70 and a 200 day moving average price of $30.86.

TowneBank (NASDAQ:TOWN - Get Free Report) last released its earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.02. TowneBank had a return on equity of 7.41% and a net margin of 14.89%. The firm had revenue of $258.86 million for the quarter, compared to analysts' expectations of $179.80 million. During the same quarter in the previous year, the business posted $0.60 earnings per share. On average, equities analysts forecast that TowneBank will post 2.07 EPS for the current fiscal year.

TowneBank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a dividend of $0.25 per share. The ex-dividend date was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.86%. TowneBank's dividend payout ratio (DPR) is presently 50.25%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods raised shares of TowneBank from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $35.00 to $40.00 in a research report on Wednesday, October 2nd. StockNews.com raised shares of TowneBank from a "sell" rating to a "hold" rating in a report on Monday, July 29th.

About TowneBank

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.