Victory Capital Management Inc. Has $7.89 Million Holdings in TowneBank (NASDAQ:TOWN)

Victory Capital Management Inc. raised its stake in shares of TowneBank (NASDAQ:TOWN - Free Report) by 41.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 265,062 shares of the bank's stock after purchasing an additional 77,621 shares during the period. Victory Capital Management Inc. owned 0.36% of TowneBank worth $7,888,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of TOWN. EMC Capital Management increased its position in TowneBank by 72.6% during the 3rd quarter. EMC Capital Management now owns 1,726 shares of the bank's stock worth $40,000 after purchasing an additional 726 shares in the last quarter. Sound Income Strategies LLC purchased a new position in shares of TowneBank in the 4th quarter valued at $79,000. Signature Estate & Investment Advisors LLC purchased a new position in shares of TowneBank in the 4th quarter valued at $200,000. Anchor Investment Management LLC purchased a new stake in TowneBank during the 4th quarter worth $357,000. Finally, PNC Financial Services Group Inc. boosted its position in TowneBank by 5.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 13,844 shares of the bank's stock worth $317,000 after purchasing an additional 673 shares during the period. Hedge funds and other institutional investors own 55.99% of the company's stock.

TowneBank Stock Up 0.5 %

Shares of NASDAQ TOWN traded up $0.15 during trading on Tuesday, reaching $27.45. 275,711 shares of the stock were exchanged, compared to its average volume of 244,455. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of 13.66 and a beta of 0.89. The business's 50-day moving average price is $27.03 and its 200 day moving average price is $27.53. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.10. TowneBank has a twelve month low of $21.63 and a twelve month high of $31.08.

TowneBank (NASDAQ:TOWN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 24th. The bank reported $0.48 earnings per share for the quarter, meeting analysts' consensus estimates of $0.48. TowneBank had a net margin of 15.50% and a return on equity of 7.51%. The company had revenue of $167.10 million during the quarter, compared to analysts' expectations of $169.68 million. During the same period in the prior year, the company posted $0.62 EPS. The firm's revenue for the quarter was down 9.2% on a year-over-year basis. As a group, equities analysts forecast that TowneBank will post 2.08 EPS for the current fiscal year.

TowneBank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.64%. The ex-dividend date of this dividend was Wednesday, March 27th. TowneBank's dividend payout ratio (DPR) is currently 49.75%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut TowneBank from a "hold" rating to a "sell" rating in a research note on Thursday, February 8th.

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.