Victory Capital Management Inc. Grows Holdings in TowneBank (NASDAQ:TOWN)

Victory Capital Management Inc. lifted its holdings in TowneBank (NASDAQ:TOWN) by 6.7% in the third quarter, HoldingsChannel reports. The fund owned 20,788 shares of the bank’s stock after buying an additional 1,303 shares during the period. Victory Capital Management Inc.’s holdings in TowneBank were worth $647,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in TOWN. Amundi Pioneer Asset Management Inc. bought a new stake in TowneBank during the 1st quarter valued at $149,000. Advisor Group Holdings Inc. raised its holdings in TowneBank by 97.4% during the 2nd quarter. Advisor Group Holdings Inc. now owns 5,271 shares of the bank’s stock valued at $160,000 after buying an additional 2,601 shares during the last quarter. Teacher Retirement System of Texas raised its holdings in TowneBank by 17.5% during the 2nd quarter. Teacher Retirement System of Texas now owns 9,566 shares of the bank’s stock valued at $291,000 after buying an additional 1,422 shares during the last quarter. Principal Financial Group Inc. increased its position in TowneBank by 14.4% during the 2nd quarter. Principal Financial Group Inc. now owns 7,752 shares of the bank’s stock valued at $236,000 after purchasing an additional 977 shares during the period. Finally, Panagora Asset Management Inc. purchased a new position in TowneBank during the 2nd quarter valued at $1,071,000. Hedge funds and other institutional investors own 49.21% of the company’s stock.

Shares of NASDAQ:TOWN opened at $34.38 on Friday. The firm’s 50 day moving average price is $32.19 and its 200-day moving average price is $31.11. TowneBank has a twelve month low of $22.97 and a twelve month high of $34.79. The stock has a market capitalization of $2.50 billion, a PE ratio of 11.09 and a beta of 1.04.

TowneBank (NASDAQ:TOWN) last released its earnings results on Thursday, October 28th. The bank reported $0.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.04. The company had revenue of $170.08 million during the quarter, compared to analyst estimates of $161.02 million. TowneBank had a net margin of 30.46% and a return on equity of 12.52%. Equities analysts forecast that TowneBank will post 3 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 12th. Shareholders of record on Thursday, December 30th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date was Wednesday, December 29th. TowneBank’s dividend payout ratio (DPR) is currently 25.81%.

Separately, Zacks Investment Research raised shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Friday, January 7th.

About TowneBank

TowneBank engages in the provision of retail and commercial banking services to individuals and small and medium size businesses. It operates through the following segments: Banking, Realty, and Insurance. The Banking segment offers loan and deposit services to retail and commercial customers. The Realty segment focuses on the provision of residential real estate services and originations of a variety of mortgage loans.

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Institutional Ownership by Quarter for TowneBank (NASDAQ:TOWN)

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