Victory Capital Management Inc. Trims Stock Holdings in Towne Bank $TOWN

Victory Capital Management Inc. lessened its holdings in shares of Towne Bank (NASDAQ:TOWN) by 18.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,116,396 shares of the bank’s stock after selling 476,050 shares during the quarter. Victory Capital Management Inc.’s holdings in Towne Bank were worth $73,164,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. EverSource Wealth Advisors LLC boosted its stake in Towne Bank by 931.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank’s stock valued at $26,000 after acquiring an additional 680 shares during the last quarter. Richardson Financial Services Inc. raised its stake in shares of Towne Bank by 150.3% in the 3rd quarter. Richardson Financial Services Inc. now owns 816 shares of the bank’s stock valued at $28,000 after purchasing an additional 490 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Towne Bank in the 2nd quarter valued at about $30,000. Atlantic Union Bankshares Corp bought a new position in shares of Towne Bank during the third quarter worth about $35,000. Finally, Global Retirement Partners LLC grew its stake in Towne Bank by 44.1% in the third quarter. Global Retirement Partners LLC now owns 1,104 shares of the bank’s stock worth $38,000 after purchasing an additional 338 shares in the last quarter. 55.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TOWN has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Towne Bank in a report on Wednesday, January 21st. Zacks Research cut Towne Bank from a “hold” rating to a “strong sell” rating in a research note on Monday, February 2nd. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $41.00.

Towne Bank Trading Down 1.0%

NASDAQ:TOWN opened at $33.74 on Friday. The firm has a market capitalization of $2.53 billion, a P/E ratio of 15.34 and a beta of 0.75. The business has a 50 day simple moving average of $35.23 and a 200 day simple moving average of $34.74. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.87 and a quick ratio of 0.86. Towne Bank has a 12-month low of $29.43 and a 12-month high of $37.86.

Towne Bank (NASDAQ:TOWN) last posted its earnings results on Friday, January 30th. The bank reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). The company had revenue of $221.09 million during the quarter, compared to the consensus estimate of $225.43 million. Towne Bank had a net margin of 15.12% and a return on equity of 10.11%. The business’s quarterly revenue was up 25.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.55 earnings per share. Equities research analysts predict that Towne Bank will post 2.6 EPS for the current year.

Towne Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, March 31st. Towne Bank’s payout ratio is presently 49.09%.

About Towne Bank

TowneBank is a Virginia?based financial services company organized as a bank holding company. Its primary subsidiary, TowneBank, operates a network of community banking offices and mortgage production facilities. The company offers a comprehensive range of commercial and consumer banking solutions, including deposit accounts, lending products, treasury management, and private banking services tailored to individuals, small businesses, and middle?market corporations.

In addition to traditional banking, TowneBank provides specialty services through affiliated subsidiaries.