Victory Capital Management Inc. Increases Position in Towne Bank (NASDAQ:TOWN)

Victory Capital Management Inc. grew its holdings in Towne Bank (NASDAQ:TOWN - Free Report) by 19.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,584,688 shares of the bank's stock after purchasing an additional 429,487 shares during the quarter. Victory Capital Management Inc. owned approximately 3.45% of Towne Bank worth $88,370,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of TOWN. Teacher Retirement System of Texas increased its holdings in Towne Bank by 31.5% during the fourth quarter. Teacher Retirement System of Texas now owns 34,790 shares of the bank's stock valued at $1,185,000 after buying an additional 8,335 shares during the period. Vanguard Group Inc. boosted its position in Towne Bank by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 7,482,171 shares of the bank's stock valued at $254,843,000 after acquiring an additional 49,970 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Towne Bank by 5.3% in the 4th quarter. Northern Trust Corp now owns 688,871 shares of the bank's stock valued at $23,463,000 after acquiring an additional 34,591 shares during the period. GAMMA Investing LLC raised its position in shares of Towne Bank by 2,332.2% in the 1st quarter. GAMMA Investing LLC now owns 3,624 shares of the bank's stock worth $124,000 after acquiring an additional 3,475 shares in the last quarter. Finally, Bessemer Group Inc. lifted its stake in shares of Towne Bank by 137.0% during the 1st quarter. Bessemer Group Inc. now owns 5,121 shares of the bank's stock worth $175,000 after purchasing an additional 2,960 shares during the last quarter. Hedge funds and other institutional investors own 55.99% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on TOWN shares. Wall Street Zen upgraded Towne Bank from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Hovde Group raised their price target on shares of Towne Bank from $38.00 to $39.00 and gave the company an "outperform" rating in a report on Monday, April 28th.

Towne Bank Trading Down 0.9%

Shares of TOWN traded down $0.31 during midday trading on Friday, hitting $35.93. 260,458 shares of the company's stock traded hands, compared to its average volume of 254,350. The stock has a market capitalization of $2.69 billion, a price-to-earnings ratio of 15.22 and a beta of 0.80. Towne Bank has a 1 year low of $29.43 and a 1 year high of $38.28. The firm's fifty day moving average is $34.58 and its 200-day moving average is $34.34.

Towne Bank (NASDAQ:TOWN - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The bank reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.07. The company had revenue of $190.04 million for the quarter, compared to analyst estimates of $191.29 million. Towne Bank had a return on equity of 8.27% and a net margin of 17.15%. The firm's quarterly revenue was up 14.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.48 EPS. On average, equities research analysts anticipate that Towne Bank will post 2.6 EPS for the current year.

Towne Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were given a $0.27 dividend. This is a positive change from Towne Bank's previous quarterly dividend of $0.25. This represents a $1.08 annualized dividend and a dividend yield of 3.01%. The ex-dividend date of this dividend was Friday, June 27th. Towne Bank's dividend payout ratio (DPR) is presently 45.76%.

Towne Bank Company 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.