Victory Capital Management Inc. Purchases 429,487 Shares of Towne Bank (NASDAQ:TOWN)

Victory Capital Management Inc. increased its position in Towne Bank (NASDAQ:TOWN - Free Report) by 19.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,584,688 shares of the bank's stock after acquiring an additional 429,487 shares during the period. Victory Capital Management Inc. owned about 3.45% of Towne Bank worth $88,370,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Edgestream Partners L.P. bought a new stake in shares of Towne Bank in the first quarter worth $3,202,000. Nisa Investment Advisors LLC grew its holdings in Towne Bank by 32.6% during the first quarter. Nisa Investment Advisors LLC now owns 2,850 shares of the bank's stock valued at $98,000 after purchasing an additional 700 shares during the period. Abound Financial LLC bought a new stake in Towne Bank during the first quarter valued at about $27,000. Envestnet Asset Management Inc. grew its holdings in Towne Bank by 12.1% during the first quarter. Envestnet Asset Management Inc. now owns 38,930 shares of the bank's stock valued at $1,331,000 after purchasing an additional 4,206 shares during the period. Finally, Concurrent Investment Advisors LLC bought a new stake in Towne Bank during the first quarter valued at about $590,000. Institutional investors own 55.99% of the company's stock.

Analysts Set New Price Targets

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

Towne Bank Price Performance

Shares of NASDAQ TOWN traded down $0.15 during mid-day trading on Monday, reaching $35.78. The company's stock had a trading volume of 166,354 shares, compared to its average volume of 253,982. The firm has a market capitalization of $2.68 billion, a PE ratio of 15.16 and a beta of 0.80. The stock has a fifty day moving average of $34.58 and a two-hundred day moving average of $34.35. Towne Bank has a 52 week low of $29.43 and a 52 week high of $38.28.

Towne Bank (NASDAQ:TOWN - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. The firm had revenue of $190.04 million during 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 business's quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.48 earnings per share. Analysts anticipate that Towne Bank will post 2.6 EPS for the current fiscal year.

Towne Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were paid a $0.27 dividend. This is a positive change from Towne Bank's previous quarterly dividend of $0.25. The ex-dividend date was Friday, June 27th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.02%. Towne Bank's dividend payout ratio is 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.