Victory Capital Management Inc. Has $73.41 Million Stake in TowneBank (NASDAQ:TOWN)

Victory Capital Management Inc. increased its position in shares of TowneBank (NASDAQ:TOWN) by 9.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,155,201 shares of the bank’s stock after buying an additional 180,330 shares during the period. Victory Capital Management Inc. owned 2.87% of TowneBank worth $73,406,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Keybank National Association OH increased its holdings in TowneBank by 10.6% during the fourth quarter. Keybank National Association OH now owns 12,535 shares of the bank’s stock worth $427,000 after buying an additional 1,200 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in TowneBank by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 845,335 shares of the bank’s stock worth $28,792,000 after buying an additional 6,285 shares during the last quarter. Steward Partners Investment Advisory LLC increased its holdings in TowneBank by 775.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 67,458 shares of the bank’s stock worth $2,298,000 after buying an additional 59,750 shares during the last quarter. Financial Security Advisor Inc. increased its holdings in TowneBank by 3.0% during the fourth quarter. Financial Security Advisor Inc. now owns 38,167 shares of the bank’s stock worth $1,310,000 after buying an additional 1,097 shares during the last quarter. Finally, Tull Financial Group Inc. acquired a new position in TowneBank during the fourth quarter worth $299,000. 55.99% of the stock is currently owned by institutional investors and hedge funds.

TowneBank Price Performance

NASDAQ:TOWN opened at $34.92 on Friday. TowneBank has a one year low of $25.70 and a one year high of $38.28. The company has a market cap of $2.62 billion, a P/E ratio of 16.24 and a beta of 0.88. The firm’s fifty day moving average price is $35.32 and its two-hundred day moving average price is $34.75.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.48 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. As a group, equities research analysts expect that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.86%. TowneBank’s dividend payout ratio is currently 46.51%.

Analyst Ratings Changes

Separately, Stephens reiterated an “equal weight” rating and issued a $41.00 price objective on shares of TowneBank in a report on Thursday, January 23rd.

About TowneBank

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.