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

Victory Capital Management Inc. lifted its holdings in shares of TowneBank (NASDAQ:TOWN) by 7,668.0% during the third quarter, Holdings Channel.com reports. The firm 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.’s holdings in TowneBank were worth $65,289,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Innealta Capital LLC acquired a new position in shares of TowneBank in the 2nd quarter worth approximately $62,000. Point72 DIFC Ltd acquired a new position in TowneBank in the second quarter valued at $73,000. EMC Capital Management boosted its position in TowneBank by 230.4% during the first quarter. EMC Capital Management now owns 5,703 shares of the bank’s stock valued at $160,000 after acquiring an additional 3,977 shares during the last quarter. Bessemer Group Inc. grew its holdings in TowneBank by 45.2% during the 1st quarter. Bessemer Group Inc. now owns 6,817 shares of the bank’s stock worth $191,000 after acquiring an additional 2,121 shares during the period. Finally, Algert Global LLC bought a new position in shares of TowneBank in the 2nd quarter worth about $205,000. Institutional investors own 55.99% of the company’s stock.

TowneBank Trading Up 0.2 %

TOWN opened at $35.25 on Friday. The company has a fifty day moving average price of $33.70 and a two-hundred day moving average price of $30.86. TowneBank has a 1-year low of $25.70 and a 1-year high of $36.67. The company has a market cap of $2.64 billion, a P/E ratio of 17.71 and a beta of 0.89.

TowneBank (NASDAQ:TOWN) last issued its earnings results on Wednesday, October 23rd. The bank reported $0.58 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 business had revenue of $258.86 million during the quarter, compared to analyst estimates of $179.80 million. During the same period in the previous year, the company posted $0.60 EPS. On average, research analysts forecast that TowneBank will post 2.07 EPS for the current fiscal year.

TowneBank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date was Monday, September 30th. TowneBank’s dividend payout ratio is currently 50.25%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on TOWN. Keefe, Bruyette & Woods upgraded TowneBank from a “market perform” rating to an “outperform” rating and upped their target price for the company from $35.00 to $40.00 in a research report on Wednesday, October 2nd. StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a report on Monday, July 29th.

TowneBank Profile

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.