Towne Bank $TOWN Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. decreased its position in shares of Towne Bank (NASDAQ:TOWN) by 18.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 2,116,396 shares of the bank’s stock after selling 476,050 shares during the period. Victory Capital Management Inc. owned 2.82% of Towne Bank worth $73,164,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Towne Bank by 3.2% during the 3rd quarter. Vanguard Group Inc. now owns 7,639,169 shares of the bank’s stock worth $264,086,000 after purchasing an additional 234,403 shares during the period. State Street Corp boosted its stake in Towne Bank by 2.6% in the 2nd quarter. State Street Corp now owns 2,003,504 shares of the bank’s stock worth $69,010,000 after buying an additional 51,028 shares during the last quarter. Brown Advisory Inc. boosted its stake in Towne Bank by 2,646.3% in the 2nd quarter. Brown Advisory Inc. now owns 1,218,786 shares of the bank’s stock worth $41,658,000 after buying an additional 1,174,406 shares during the last quarter. Royce & Associates LP increased its stake in shares of Towne Bank by 7.2% during the 3rd quarter. Royce & Associates LP now owns 603,649 shares of the bank’s stock valued at $20,868,000 after acquiring an additional 40,650 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Towne Bank by 8.1% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 578,037 shares of the bank’s stock worth $19,757,000 after acquiring an additional 43,376 shares during the period. 55.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on TOWN. Zacks Research downgraded shares of Towne Bank from a “hold” rating to a “strong sell” rating in a report on Monday, February 2nd. Weiss Ratings restated a “buy (b-)” rating on shares of Towne Bank in a report on Wednesday, January 21st. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $41.00.

Towne Bank Trading Down 1.0%

NASDAQ:TOWN opened at $33.74 on Friday. The business’s 50-day moving average is $35.23 and its two-hundred day moving average is $34.74. The firm has a market capitalization of $2.53 billion, a PE ratio of 15.34 and a beta of 0.75. Towne Bank has a 12 month low of $29.43 and a 12 month high of $37.86. 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 (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 analyst estimates of $225.43 million. Towne Bank had a net margin of 15.12% and a return on equity of 10.11%. Towne Bank’s quarterly revenue was up 25.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.55 EPS. Research analysts predict that Towne Bank will post 2.6 earnings per share for the current fiscal year.

Towne Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be issued 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 dividend payout ratio (DPR) 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.