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

Victory Capital Management Inc. lowered its stake in shares of TowneBank (NASDAQ:TOWN) by 81.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 25,423 shares of the bank’s stock after selling 115,267 shares during the quarter. Victory Capital Management Inc.’s holdings in TowneBank were worth $693,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Rhumbline Advisers increased its position in TowneBank by 0.8% during the second quarter. Rhumbline Advisers now owns 135,208 shares of the bank’s stock valued at $3,687,000 after acquiring an additional 1,055 shares during the last quarter. Innealta Capital LLC bought a new position in TowneBank during the 2nd quarter valued at about $62,000. Bank of New York Mellon Corp grew its holdings in TowneBank by 4.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 504,926 shares of the bank’s stock valued at $13,769,000 after purchasing an additional 21,143 shares during the last quarter. AMG National Trust Bank raised its position in TowneBank by 11.8% in the 2nd quarter. AMG National Trust Bank now owns 50,107 shares of the bank’s stock worth $1,366,000 after purchasing an additional 5,276 shares during the period. Finally, SummerHaven Investment Management LLC lifted its stake in TowneBank by 1.9% in the second quarter. SummerHaven Investment Management LLC now owns 31,187 shares of the bank’s stock worth $850,000 after purchasing an additional 569 shares during the last quarter. Hedge funds and other institutional investors own 55.99% of the company’s stock.

TowneBank Price Performance

TowneBank stock opened at $34.19 on Friday. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of 17.01 and a beta of 0.89. The firm has a 50-day moving average of $32.86 and a two-hundred day moving average of $29.07. TowneBank has a 1 year low of $21.63 and a 1 year high of $35.10.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.09. TowneBank had a net margin of 15.33% and a return on equity of 7.56%. The firm had revenue of $174.97 million during the quarter, compared to the consensus estimate of $172.20 million. During the same quarter in the previous year, the firm posted $0.52 earnings per share. The company’s revenue was down 3.6% on a year-over-year basis. Research analysts expect that TowneBank will post 2.15 earnings per share for the current year.

TowneBank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date is Monday, September 30th. TowneBank’s payout ratio is 49.75%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods increased their price target on TowneBank from $30.00 to $35.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a research note on Monday, July 29th.

TowneBank 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.